Leading Crypto Analyst Offers Ethereum Caution, Says ETH Price Action May Get Distressing


A cryptocurrency expert who correctly predicted the end of the Bitcoin bull market in 2021 has warned Ethereum investors that ETH might experience severe negative risk.

If Ethereum trades below a critical support level, the analyst Pentoshi informs his 677,100 Twitter followers that negative momentum might increase to the next level.

“Beyond the grey zone, things May become nasty. I’ll speak at length with a brief conclusion. That is a good area for short- to medium-term invalidation of long positions. If we begin to close, there is an easy way out and a paper cut below.”

From Pentoshi’s chart, he is referring to support around $1,480. At the time of writing, the value of Ethereum is $1,576.

Smart Contractor, another expert, is also pessimistic about Ethereum. The cryptocurrency trader believes that Ethereum has breached the diagonal support of a bearish continuation pattern. “Bear flag structure deteriorating on ETH,”

Examining the analyst’s chart, he forecasts a decline in Ethereum’s price towards $1,480. About Bitcoin (BTC), Pentoshi feels that the king cryptocurrency has yet to complete its correction. According to the cryptocurrency expert, Bitcoin will fall to $21,500 before bulls can stage a modest rebound. “I’d be thrilled to see this and eager to play it for a bounce.”

Also Read: SHIB is the most popular token owned by whales on Ethereum

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