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An analyst explained how Ethereum (ETH) could see its price crash at $ 1,700 if the support level of this Technical Analysis model (TA) fails.
Ethereum could be in danger of falling under the support of ascending channel
In a new post on X, analyst Ali Martinez discussed the place where Ethereum could then go to a model training in his 12 -hour price board. The reason in question is a parallel channel ascending of TA, which, as its name suggests, implies two lines of parallel tendencies which are tilted upwards.
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When the asset is inside this channel, it requires consolidation to a net. The higher summits of its price trace the upper line of the pattern, while the highest stockings draw the lower level.
Like other TA models, the first line is supposed to act as a source of resistance in the near future and the second as a support point. The bark of one or the other of these limits can involve a continuation of the trend in this direction.
The ascending parallel canal is not the only parallel channel in TA. When parallel consolidation occurs instead, training is known as a descending parallel channel. However, one or the other is not the most frequently observed type, because this title is held by the basic parallel channel, which has its lines of trend parallel to the temporal axis (that is to say -Dit they have a zero slope).
Now, here is the graph shared by the analyst who shows the ascending canal that the 12 -hour Ethereum price has been negotiated for a few years:
According to the graph, it is obvious that the price of the half-day of Ethereum recently experienced a very brief remediation of the lower level of the ascending canal. The play then found the support, but its value still flews close to the line, which means that another retest could potentially occur soon. The level is currently located at $ 2,500.
In recent years, this line has continuously held for cryptocurrency, it is therefore possible for it to do it again in the near future. “”If Ethereum $ eTh Contains above $ 2,500, it could rebound around $ 4,000, or even $ 6,000, ”notes Martinez.
The first target is halfway from the channel from the current brand, while the second corresponds to the upper level. The last time the ETH completed was near the old line.
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“However, if $ 2,500 fail as a support, the next target goes to $ 1,700!” warns the analyst. According to the current price of the medal, an accident to this objective would mean a decrease of more than 39%.
It now remains to be seen if Ethereum will again remove the lower level of the ascending canal in the coming days or not.
Ethn price
At the time of writing the editorial staff, Ethereum floats around $ 2,800, down more than 6% in the last seven days.
Dall-e star image, tradingView.com graphics
