Ethereum Price Prediction: ETH runs risk of sliding 14% as crypto market weakens [Video] – FXStreet

Sarah Tran Sarah Tran
Independent Analyst

Ethereum price has dropped below two significant footholds on January 21, as selling pressure increased. ETH could be at risk of declining an additional 14%, a pessimistic forecast given by the bearish chart pattern. 
Ethereum price broke below the multi-month support trend line that formed since September 21 at $2,959. The spike in buy orders has also pushed ETH below the lower boundary of the descending parallel channel on the 4-hour chart located at $2,870, suggesting that ETH could put a 14% decline on the radar, toward $2,452.
The Arms Index (TRIN) which gauges overall market sentiment suggests that there is an uptick of sellers in the market, indicating some investors are panicking, leading to a sell-off.
The first line of defense for Ethereum price is at the September 28 low at $2,782. An additional foothold may emerge at the 127.2% Fibonacci extension level at $2,652, coinciding with the September 21 low. 
Ethereum price may discover another line of support at the July 24 high at $2,553 before ETH plunges toward the downside trend line of the lower parallel channel, a bearish projection given by the prevailing chart pattern at $2,452, coinciding with the 161.8% Fibonacci extension level.
However, if buying pressure increases, the first line of resistance is at the lower boundary of the prevailing chart pattern at $2,870, then at the 78.6% Fibonacci retracement level at $2,933. 
ETHUSDT
ETH/USDT 4-hour chart
Additional obstacles may appear at the 61.8% Fibonacci retracement level at $3,031, then at the 50% retracement level at $3,099 which coincides with the middle boundary of the governing technical pattern and the 21 four-hour Simple Moving Average (SMA).
Buyers will struggle to lift prices higher above $3,167, where the 38.2% Fibonacci retracement level sits, and at the 23.6% Fibonacci retracement level at $3,252, intersecting with the 100 four-hour SMA.
 
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Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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