- Ethereum price printed a big bearish candle on the 2-day chart.
- The volume profile created a classic ramp.
- The reversal of the downtrend is a break of the 2.660 level.
Ethereum price shows a newly created bearish stronghold.
The price of ether is 1000 dollars.
Ethereum price printed a very deadly bearish engulfing candle on the 2-day chart. The price of ETH is currently trading at $2,000, slightly above the settlement price of the previous candle. Bears could shock early buyers in the coming days as the price could continue to fall south to $1,400. If the technical data is correct, the price of Ethereum could establish a countertrend rally before dropping to the $1,000 price level.
The price of Ethereum has significantly increased bearish volume, further confusing the idea of a $1,000 price target. The bears have captured a classic linear pattern on the volume indicator that can be used to predict further declines in the future. If the technical data is correct, there may be an opportunity to sell the price of ETH in the coming days.
ETH/USDT 2-day chart
The downtrend reversal is a breakout at $2,660. If the bulls can break through this level, then this bearish thesis about the double zigzag will be considered incorrect. Traders can then aim for a price target of $3,000, which would result in a 33% increase from the current price of Ethereum.