The crux of the matter lies in ETH’s breach of the dynamic support line, signified by the Bull Market Support Band indicator. This echoes a pattern last witnessed over four years ago. Back then, suffered a pivotal level loss, paving the way for a tumultuous six-month journey where its value plummeted by a staggering 48%, only finding reprieve by the close of December 2019.
With history appearing to echo itself, the stakes are high for ETH’s journey through the remainder of this year and the advent of 2024. An unsettling projection arises from Cowen’s analysis, spotlighting the potential for Ethereum to slide toward the $900 mark per token.
As the situation continues to evolve, it is increasingly evident that dark clouds are amassing over Ethereum, casting a shadow of uncertainty not only on the altcoin itself but also on the broader crypto market.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
