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Home Ethereum

ETH Faces ‘Moment Of Truth’ After Crash Toward $3,000

January 29, 2025
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ETH Faces ‘Moment Of Truth’ After Crash Toward $3,000
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Este artículo también está disponible en español.

Crypto analyst Max has revealed that the Ethereum price is at a critical junction, which could determine its trajectory going forward. The analyst remarked that ETH faces a ‘moment of truth’ and explained that the crypto could enter a bearish phase if it doesn’t complete a particular pattern. 

Ethereum Price Faces Moment Of Truth After ETH’s Crash Toward $3,000

In an X post, Max stated that the Ethereum price faces a moment of truth right here following ETH’s crash to around $3,000. The crypto analyst added that if ETH doesn’t complete its famous “ultra-scary 3 drive into the lows” pattern before being miraculously saved, then it is over for a while, indicating the crypto could suffer a further downtrend. 

Related Reading

Max further explained that there is nothing but air beneath the Ethereum price structure, which he highlighted in his chart. His accompanying chart showed that the next significant support level for ETH beneath $3,000 was at $2,400, indicating that the crypto could drop to as low as this level if it loses the psychological $3,000 level as support. 

Ethereum
ETH’s crash put price at a crossroad | Source: Max on X

The crypto analyst then mentioned the worst case that could happen before giving up on the Ethereum price is if it sweeps the $2,800 wick and then the Bitcoin price drops to as low as $95,000. In such a scenario, Max remarked that ETH would need an immediate reaction, possibly because of the bearish sentiment that could spark among investors. 

However, the analyst looks to still be bullish on the Ethereum price in the meantime, reaffirming that he has no intention to sell his spot holdings. Crypto whales also look to be bullish on ETH despite its underperformance, as they have been actively accumulating this past week. Bitcoinist reported that Ethereum’s large transaction volume spiked by over 200% in 24 hours, indicating an accumulation trend from these whales. 

See also  Ethereum's epic comeback? Top reasons why ETH can beat Bitcoin

How The ETH Price Action Could Play Out

In an X post, crypto analyst Wolf predicted how the Ethereum price action could play out this year while claiming that ETH is currently being suppressed so that large players can accumulate. According to the analyst, ETH could break out to the psychological $4,000 price level by the end of February. 

Related Reading

Following that, Wolf predicts that the Ethereum price will enjoy a bullish March as it rallies from $4,000 to $5,000 in days. He added that the second-largest crypto by market cap could hit $6,500 by early April. Once that is done, the analyst expects Ethereum to experience two to three weeks of price correction before it then pushes to between $9,500 and $10,000. 

At the time of writing, the Ethereum price is trading around $3,100, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Ethereum
ETH trading at $3,137 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com

READ ALSO

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Este artículo también está disponible en español.

Crypto analyst Max has revealed that the Ethereum price is at a critical junction, which could determine its trajectory going forward. The analyst remarked that ETH faces a ‘moment of truth’ and explained that the crypto could enter a bearish phase if it doesn’t complete a particular pattern. 

Ethereum Price Faces Moment Of Truth After ETH’s Crash Toward $3,000

In an X post, Max stated that the Ethereum price faces a moment of truth right here following ETH’s crash to around $3,000. The crypto analyst added that if ETH doesn’t complete its famous “ultra-scary 3 drive into the lows” pattern before being miraculously saved, then it is over for a while, indicating the crypto could suffer a further downtrend. 

See also  Base flips Ethereum's volume: What it means for your L1 and L2 crypto investments

Related Reading

Max further explained that there is nothing but air beneath the Ethereum price structure, which he highlighted in his chart. His accompanying chart showed that the next significant support level for ETH beneath $3,000 was at $2,400, indicating that the crypto could drop to as low as this level if it loses the psychological $3,000 level as support. 

Ethereum
ETH’s crash put price at a crossroad | Source: Max on X

The crypto analyst then mentioned the worst case that could happen before giving up on the Ethereum price is if it sweeps the $2,800 wick and then the Bitcoin price drops to as low as $95,000. In such a scenario, Max remarked that ETH would need an immediate reaction, possibly because of the bearish sentiment that could spark among investors. 

However, the analyst looks to still be bullish on the Ethereum price in the meantime, reaffirming that he has no intention to sell his spot holdings. Crypto whales also look to be bullish on ETH despite its underperformance, as they have been actively accumulating this past week. Bitcoinist reported that Ethereum’s large transaction volume spiked by over 200% in 24 hours, indicating an accumulation trend from these whales. 

How The ETH Price Action Could Play Out

In an X post, crypto analyst Wolf predicted how the Ethereum price action could play out this year while claiming that ETH is currently being suppressed so that large players can accumulate. According to the analyst, ETH could break out to the psychological $4,000 price level by the end of February. 

Related Reading

Following that, Wolf predicts that the Ethereum price will enjoy a bullish March as it rallies from $4,000 to $5,000 in days. He added that the second-largest crypto by market cap could hit $6,500 by early April. Once that is done, the analyst expects Ethereum to experience two to three weeks of price correction before it then pushes to between $9,500 and $10,000. 

See also  Ethereum sets sights on $4K: Will THIS spark a new rally for ETH?

At the time of writing, the Ethereum price is trading around $3,100, down almost 2% in the last 24 hours, according to data from CoinMarketCap.

Ethereum
ETH trading at $3,137 on the 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from Unsplash, chart from Tradingview.com

Tags: CrashETHFacesMomentTruth

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9dcc’s First Full NFT Fashion Collection Is Designed for the ‘Crypto Mob’

9dcc’s First Full NFT Fashion Collection Is Designed for the ‘Crypto Mob’

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Pyth Network Introduces GMCI 30 Index Price Feed

Pyth Network Introduces GMCI 30 Index Price Feed

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