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HomeCrypto NewsMarketIs Ethereum Headed For A Massive Price Correction Towards $1300? Experts Weigh In

Is Ethereum Headed For A Massive Price Correction Towards $1300? Experts Weigh In


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Recent analysis indicates that Ethereum could soon experience a correction of as much as 28%.

Ethereum’s market has been quite interesting these past months. After the crypto market mounted a recovery after months of winter-ish bearish sentiment, ETH shot up by more than 100%, reaching the highs of $2,080 from the lows of $896.

 However, it appears that the coin is now running out of steam. The coin has lost by over 8% over the last 24 hours. It’s currently trading at around $1,700.

Is ETH On The Way To $1,300?

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According to a tweet shared by one of the top traders, Ali Martinez, data from TradingView reveal that ETH’s rising edge has broken out, indicating a possible downfall to the $1,300 range. That represents a whole 28% price correction.

In another tweet, the fan shared more data from IntoTheBlock. The data indicates that close to 680k addresses purchased Ethereum at around $1,700-$1,750. As such, the coin must hold above this range, failure to which the buyers may panic sell and lead to a further crash down to the $1,300 range.

“Ethereum must hold above this demand zone to have a chance of recovering. Otherwise, these addresses could try to break even in their positions, triggering a correction to $1,300.


Notably, this is happening ahead of Ethereum’s Merge slated for September 15, 2022. The crypto market is volatile, and therefore it’s still unclear what direction the trend might take in the coming days and weeks. 

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Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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