wooBitcoin (BTC), which has declined below the $21,000 level, halted the recovery of the cryptocurrency market. After losing over $30 billion over the past seven days, the entire cryptocurrency market found itself once again below the $1 trillion threshold.
BTC, on the other hand, was able to maintain its position above $20K, and the Ethereum ecosystem also received some welcome news.
The coin has been trading sideways, trading at the $1250 level since the start of the month, when the price of Ethereum hit an all-time high of $1,275.
Ethereum price is likely to move towards the upper boundary of the channel in the near term and approach the $1500 resistance area.
Will ETH start a journey’Recology’?
Ethereum is gearing up for a rapid restart after a rough run of several weeks. Many well-known cryptocurrency researchers and traders who have been tracking the coin for months claim that.
A recent tweet by trader Peter Brandt included an ETH chart implying that the value of the coin would no longer go down. Over the past few weeks and months, the ETH price has had its fair share of downward volatility. Additionally, the price declined below $1,000.
The chart provided by Brandt shows that ETH is forming an inverted head and shoulders pattern, a bearish reversal pattern, and there is a signal that the price is likely to rise. If the uptrend is successful, ETH price could reach $1700.
Peter’s shift in thinking reflects the unpredictable and dynamic character of the cryptocurrency market. Looking at the market conditions at the time, Peter was looking quite negative on ETH about a month ago.
He also predicted that the price of Ethereum could drop to $300. Since then, a lot has happened, and many crypto fans have changed their beliefs.
At the time of writing, ETH is up more than two percent and is trading at $1,220.