Ethereum (ETH) is currently trading at $1,984 and approaching the $2,200 resistance level. Analysts warn of a possible 13% drop to $1,700 if Ethereum fails to break this resistance. According to MadWhale’s technical analysis, Ethereum is in a descending channel indicating strong bearish trend dominance and seller superiority. MadWhale identifies the $2,200 level as a key resistance level with significant selling pressure. Failure to surpass this level could lead to a severe downward correction to the $1,700 support level. Additionally, low trading volume and increased selling pressure could potentially drive Ethereum down to $1,700. Despite MadWhale’s bearish forecast, another analyst named Patron has a different view. Patron believes that if Ethereum reclaims the key support level of $2,000, it could experience a significant price increase. He has set three upside targets for Ethereum: $2,296, $2,913, and $4,000. Patron emphasizes that if Ethereum reaches the $4,000 target, investors could experience a 100% profit. Ultimately, given the current market conditions, Ethereum’s price behavior in the $2,000 range will determine its next path.
