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.