ETH Price Falls Again as Technicals Warn of Deeper Sell-Off
The price of Ethereum plummeted for the second day in a row, hitting its lowest point since December 7. Even though JPMorgan chose the Ethereum token for its first on-chain fund, technical indicators indicate that it might be poised for a significant negative breakthrough to $2,600. The price of ETH has dropped from its year-to-date peak of $4,968 to the current $2,935, according to the daily chart. As the crypto market crisis persisted today, this retreat quickened. The cryptocurrency has developed a bearish flag pattern, according to the chart. When it began its downward trend in October, this pattern began to take shape. It is currently on the flag part after completing the flagpole phase of this pattern.
ETH Price Breakdown Signals Possible Slide to $2,500
The price of Ethereum has begun to decline below the flag pattern’s lower half. Therefore, there is a chance that the token will keep declining. It might fall to the bottom end of the flagpole at $2,620, which is around 12% below the present level. The token may continue to decline as sellers aim for $2,500 if it drops below that level. The Murrey Math Lines tool’s Ultimate Support and this ETH price prediction line up. However, a move over the flag section’s top side will nullify the bearish perspective. A rise like this would indicate further Ethereum increases, possibly reaching the psychological threshold at $4,000.
ETH Market Sentiment Stays Cautious Despite Institutional Boost
Despite the network gaining a significant partner following the latest Fusaka upgrade, the pessimistic Ethereum price prognosis is still in effect. In recent months, JPMorgan has joined other Wall Street firms that have introduced tokenized funds, including BlackRock, Apollo Management, and Janus Henderson. JPMorgan announced the establishment of its first on-chain fund on the network in a statement. Qualified investors will have access to the fund, which is called the My OnChain Net Yield Fund (MONY).
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