Follow Best Owie on X (formerly Twitter)<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Shutterstock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"Following the Terra LUNA network collapse back in 2022, the price of Ethereum followed the general market downtrend. As a result of this, the ETH price had fallen to a new cycle low of $900, before recovering once more. However, now that the altcoin is still deep in the throes of the bear market, questions have arisen once more about the chances of the price returning to its 2022 lows. Crypto Analyst Says Ethereum Could Drop To $900 In an analysis posted on TradingView, crypto analyst FieryTrading presents a scenario in which the price of Ethereum could fall back toward its 2022 lows. The analysis in question takes into account the multiple bullish trend lines that the digital asset\u2019s price had fallen through over the last year. Related Reading: Ethereum Plunge Drives Liquidation Above $30 Million, More Pain To Come? According to FieryTrading, Ethereum had one last remaining bullish line which had emerged on the chart back toward the bottom of the June 2022 sell-offs. However, the digital asset hasn\u2019t been able to hold this trend line and they point out that \u201cit\u2019s well over a year old and must carry some weight.\u201d ETH price could fall to $900 | Source: Tradingview.com Due to this, the crypto analyst believes that the digital asset has entered into a long bearish stretch. As this bear stretch continues, which the analyst expects to be even longer, they see a high possibility of the Ethereum price reaching as low as $900 once more, as shown in the chart below. Despite being seemingly convinced about ETH\u2019s price decline, the analysis still needs confirmation. Their explanation which is shown in the chart as well asks to wait for the price to break below the $1,510 level for this to take place. ETH price falls to $1,567 | Source: ETHUSD on Tradingview.com Bearish Going Into The Bitcoin Halving As the analyst explains, the bearish expectation is not localized to just the Ethereum price alone. It seems to encompass the whole market which the analyst believes has finished out its half bullish stretch and has now entered into the bearish half that often leads up to the halving. As the analyst puts it, this indicates \u201cthat it\u2019s the turn of the bears by now.\u201d This school of thought is not new and is actually backed up by historical data. When looking at the charts of cryptocurrencies such as Bitcoin and Ethereum, it shows that there was a bearish stretch leading up to the Bitcoin halving. After the event, this trend tends to reverse, which then signals the start of the bull market. Related Reading: Top 5 Altcoins For October 2023 That Could 20X Your Crypto Portfolio In the months leading up to the 2020 halving event, the price of Ethereum saw a sharp decline that put its price in the $120 region before picking back up. So if there is a repeat of this, then FieryTrading\u2019s analysis for ETH could play out. Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet\u2026 Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":554997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,16163,1946,7931,6931,84165,8686,78803],"class_list":["post-554975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethereum-price-prediction","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n
Will Ethereum Drop Back To $900? Here\u2019s What This Analyst Thinks<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n