Ethereum on Alert: Chart Pattern Points to Possible 70% Drop to $800

• Ethereum Could Drop to $800.
• Ascending triangle chart pattern.
• Possible 70% drop.

O Ethereum , the second largest cryptocurrency on the market, is under the spotlight after analysis of graphic patterns revealed a possible drastic drop of 70% in its value. According to renowned cryptocurrency analyst Ali Martinez, Ethereum may be about to face a devaluation that would take it to the $800 mark.

“Ethereum $ETH is bullish and if the move continues it could be on track for a move towards $800!” predicts Martinez.

Since December 2021, Ethereum has been forming an ascending triangle pattern on its weekly chart, as noted by the expert. This pattern, characterized by an ascending trendline at the bottom and a horizontal resistance line around $4.000, has been a point of observation for investors and analysts.

“Ethereum is about to drop to $800. Since December 2021, Ethereum has been forming an ascending triangle pattern on the weekly chart, each high or low price has created an ascending trendline at the bottom, meanwhile, the $4.000 level has been holding as a strong horizontal resistance trendline,” he said.

In a recent move in its price action, the cryptocurrency broke the lower trendline of the triangle, a signal that, according to Ali Martinez, increases the probability of a sharp drop by approximately 70%.

“However, Ethereum recently broke out of this triangle, which significantly increases the likelihood of a 70% price drop to $800,” complemented the analyst.

In the same sense, market analyst Ted Pillows warned recently for a potential significant drop in Ethereum. The expert highlighted the possibility of a new 15% drop in ETH, after the loss of the $2 support. According to him, Ethereum could retest the $1.600 to $1.800 range, amid the “manipulation phase” of the market.

At the time of publication, the price of Ethereum was trading at $1.905,15, down 0.1% over the last 24 hours. In one week, ETH has lost 17.4% of its value.