Ethereum's native token, Ether (ETH), is facing critical resistance levels that could determine its short-term price trajectory, according to analyst Kamran Asghar. The analysis suggests that the situation is causing growing concern, and a failure to break above these levels may lead to a significant pullback.
Potential Impact of Falling Wedge Pattern on ETH
Asghar highlights that a retreat from the upper trendline of the falling wedge pattern could jeopardize the bullish breakout scenario for ETH. If the token cannot surpass the current resistance, it may enter a phase of consolidation or even decline, with potential price targets ranging from:
- $3,000
- $3,200
Pessimistic Outlook for ETH
In a more pessimistic outlook, ETH could plummet to around $2,710 before any signs of recovery emerge.
Ethereum's recent price decline has raised concerns among analysts, as it has fallen below crucial support levels, contrasting with the critical resistance levels discussed in the previous analysis. For more details, see further insights.
