Famous Trader Thinks Things Could Go Worse For Ethereum (ETH)

Ethereum: Scott Redler of T3 Trading Group predicts that Ethereum (ETH), the second largest cryptocurrency, could experience a major correction. Redler stressed that the largest altcoin remains “vulnerable”.

Redler claims that Ether entered a bear market in November after the weekly chart broke multiple moving averages and signaled sell at $3,700.

The bears are currently determined to push Ethereum below the $1700 level. Redler thinks that if the bears are successful, the asset will fall as low as $1,400.

The largest altcoin came very close to losing its key support level and dropped as low as $1701 after the Terra crash. Although Ether partially survived this collapse, it was repeatedly rejected at the $ 2000 level.

The asset is down 63.81% from $4,878, the ATH level reached seven months ago. Ethereum is trading at $1,776 at the time of writing, according to CoinMarketCap data.

Larry Brown

I graduated from Yale University, Department of Television. I have been a professional news writer for 3 years. I am continuing my career here by establishing amknews.com site 3 months ago.