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Ethereum 
$0.000145 is capturing attention due to recent technical setbacks and on-chain data. Bit Bull indicates that the ETH price might fall to around $1,600 following a breakdown from a symmetrical triangle formation. Market data suggests that Ethereum trading below $1,800 could be an indicator of impending decline.
Ether’s Decline Model
According to Bit Bull’s analysis, after Ethereum’s price broke downward from the symmetrical triangle formation, it is entering a retest phase. This scenario, coupled with declining trading volume, paints a negative picture in technical analysis, signaling that investors should proceed with caution. The price of ETH, which is considered a psychological support level at $1,800, raises the possibility of sharper declines in the market.
Bit Bull states, “After the breakdown and retest, there is a likelihood of sharper decline for Ethereum. Following the retest towards the upper trend line, I assess that the price could move downward again.”
The breakdown of the symmetrical triangle is regarded as a crucial signal indicating a short-term downward movement in price, with technical indicators being closely monitored by investors.
On-chain Data and Market Sentiment
On-chain data also supports Ethereum’s decline. In recent months, the number of active addresses on the network has significantly decreased, while reductions in transaction fees and burnt fees signal a downward market trend. This situation suggests that, due to the increased supply in the long term, the price may remain under downward pressure.
The rising supply of ETH post-merger poses potential risks for investors, although maintaining the support level at $1,800 could lead to higher prices in the short term. Additionally, a Standard Chartered analyst has revised previous forecasts, indicating that Ethereum could reach $4,000 by the end of the year.
The overall trading volume in the market hovers around $7 billion. Movements by large investors can directly impact the ETH price and increase market uncertainty.
Given the technical and on-chain data, it is deemed important for investors to closely monitor market developments. It is suggested to remain cautious against volatility, as the breakdown of support levels could lead to a broader price decline.
