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Crypto analyst The cryptagon raised the possibility of Ethereum Prize The cycle of the 2018 to 2021 Bitcoin cycle, which he indicated, it was optimistic. This development comes in the middle of record sales among ETH investors, which continues to drop down the crypto.
Ethereum could reflect the 2018-2021 cycle of Bitcoin
In a TradingView PostThe Cryptagon said that Ethereum had repeated very closely the 2018 Bitcoin cycle to 2021. He pointed out that long -term ETH holders can stay optimistic simply by looking at this BTC cycleSince ETH could achieve a similar end result such as the flagship product observed in this cycle.
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The analyst admitted that Ethereum has been under high pressure since the beginning of December of last year and almost touched the support of the 12 -month drop this week. However, despite this evolution, the cryptagon suggested that it was not the time to be lower on ETH, because it could still reach new heights because it reflects Bitcoin cycle in 2021.
He noted that in cycle 2021, a rebound on the drop in the support caused a massive break above the decline resistance and the price of Bitcoin joined the extension of Fibonacci 1.618. In accordance with this, the cryptagon predicted that Ethereum could at least reach $ 8,000 in this market cycle because it repeats a similar price action.
This upward perspective for Ethereum comes in the middle of the record sale, which threatens any bullish reversal for ETH. In a post X, Cryptoque founder Ki Young Ju revealed that Ethereum has been faced with record active sales in the last three months.
This contributed to the underperformance of ETH, Altcoin being surpassed by other major altcoins such as XRP and Solana during this period. While XRP touched its top of all the current time (ATH) and Sol has struck a new ATH, ETH has not yet approached its current ATH.
The most important price level for the ETH at the moment
In a post X, Crypto Ali Martinez analyst, revealed that $ 1,887 is the most important level of support for Ethereum for the moment. At this level, investors bought 1.63 million Eth. A decrease below this level could lead to another massive accident for the second larger crypto by market capitalization, many of which may be selling their parts in order to reduce their losses.
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Martinez has already increased the possibility of Ethereum crashed up to $ 800. He noted that the Price level of $ 4,000 had held a strong trend of horizontal resistance. However, ETH recently removed this trend, which considerably increased the probability of a price drop by 70% to this target of $ 800.
At the time of writing writing, the Ethereum price is negotiated at around $ 1,893, up more than 1% in the past 24 hours data from CoinMarketCap.
Felash star image, tradingView.com graphic
