A warning has been issued by a crypto strategist regarding Ethereum, predicting significant downward price movement for ETH.
According to analyst Justin Bennett, Ethereum is currently testing the diagonal support of an ascending channel pattern, indicating a potential breakdown if the lower support is breached.
Bennett emphasizes the importance of this moment for ETH, suggesting a possible bounce but still foreseeing lower prices for Ethereum in the future.
Based on Bennett’s chart analysis, he predicts that Ethereum will drop below the channel’s support and reach its long-term trendline.
“An eventual move to ETH $700 has been my base case for the last year. We’ll see,” Bennett states, suggesting a significant decrease in ETH price from current levels.
Despite expectations of a Fed rate cut this month potentially sparking new rallies, Bennett believes any rally in risk assets following rate cuts could be a trap.
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