ETH/USDT at Crucial Levels, ETH Price Due for a Huge Downtrend To Hit $1700
- Ethereum price in both USD and BTC are following a notable descending trend and with a huge possibilities of sliding down
- Yet a small ray of hope is seen with the ETH/BTC pair as a huge chances of a rebound is fast approaching
ETH/USDT Price Analysis
Ethereum after undergoing a drastic plunge for the past 10 days is expected to undergo yet another massive drain in the upcoming days. The asset has maintained a slow yet steady uptrend within a parallel channel in the first half of Q4 2022.
However, the asset further consolidated above $3700 for almost a month and eventually fell into a deep bearish well. Currently, the asset is accumulating gains by minimizing the volatility but in reality, the ETH price is due for a huge downtrend.
The price is consolidating after a deep plunge and hence forms a clear bearish flag. Moreover, the asset is very close to the apex of the flag and hence a breakdown may be fast approaching. If the ETH price trembles down here, then the asset may hit the mower support levels and the interim target of $1700. However, whether the asset may rebound or not would be completely dependent on the volume then.
ETH/BTC Price Analysis
The ETH/BTC pair since the May crash has strongly maintained an uptrend line, manifesting the price to be within a notable uptrend despite multiple pullbacks. After falling off the cliff, the ETH/BTC is testing the support trend line yet again. Each time, the asset is expected to bounce back and quickly hit the immediate resistance area. Else the fear of slashing towards the lower levels is pretty high.
As mentioned in the chart, the ETH/BTC price is testing one of the crucial levels at the FIB 1. And hence a rebound here may be expected but not with a huge intensity. And hence the asset may continue to plunge if it fails to sustain at these levels and could slip down to the next support levels and ignite a strong flip. However, in both cases, the asset could flip the bearish divergence and jump high towards the resistance area.