ETH at Risk of Dropping to $1,600 as Symmetrical Triangle Pattern Triggers Selling Pressure!

Jakarta, Pintu News – Ethereum (ETH), the second-largest digital currency after Bitcoin (BTC), is facing increasingly strong downward pressure. Crypto analyst Bit Bull predicts that Ethereum (ETH) could fall all the way to $1,600 in the near future.

Check out the full analysis below!

Ethereum’s Sharp Drop Predicted

According to Bit Bull, the recent decline in the price of Ethereum (ETH) suggests that the asset could continue to decline. Ethereum (ETH) has broken out of a symmetrical triangle pattern, which is a bearish or negative indicator. The drop below $1,820 has sparked fears of further decline.

After breaking out of the triangle pattern and undergoing a retest, Ethereum’s (ETH) low trading volume further strengthened the bearish signal. Ethereum (ETH) dominance analysis also shows the formation of a descending triangle, which adds to the bearish indications in the market.

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On-chain Metrics Show Negative Sentiment

Ethereum (ETH) on-chain data also paints an unflattering picture. The number of active addresses on the Ethereum (ETH) network has significantly decreased, which contributed to the price drop.

In addition, the amount of fees burned per transaction decreased. The increase in the supply of Ethereum (ETH) after the merge event is also a long-term bearish indicator. Despite the strong negative sentiment, strong support at the $1,800 level could still prevent a deeper decline.

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Long-term Prospects Are Still Open

Although short-term predictions show a decline, analysts from Standard Chartered still see potential for Ethereum (ETH) to reach $4,000 by the end of the year. This represents a 60% cut in their previous prediction of $10,000. Strong support at $1,800 could be the basis for a price recovery.

Currently, the price of Ethereum (ETH) is at $1,803, down less than 1% in a day. Ethereum (ETH) trading volume is nearly $7 billion, with market activity dominated by whales.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Coingape. Ethereum Price Threatens Decline to $1600 After Breakdown from Symmetrical Triangle. Accessed on April 7, 2025
• Featured Image: Decrypt