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<p>Ethereum has been experiencing a period of consolidation following its recent multi-year high. However, according to a technical analysis by <a href="https://www.tradingview.com/chart/ETHUSDT/Vp0xZ92k-Ethereum-At-2-000-Dropping-For-6-Weeks-Reveals-Disbelief/" target="_blank" rel="noopener noreferrer nofollow">Alan Santana</a>, the cryptocurrency is likely to face a significant price drop in the coming days or weeks, with a potential target of $2,000.</p>
<h2 class="wp-block-heading" id="the-disbelief-phase">The Disbelief Phase</h2>
<p>Santana points out that despite Ethereum’s six-week decline, many investors are still waiting for new all-time highs, indicating that the market is currently in a disbelief phase within the current market cycle. This phenomenon implies a misalignment between market sentiment and technical indicators, potentially resulting in a significant price correction.</p>
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<h2 class="wp-block-heading" id="the-five-step-sequence">The Five-Step Sequence</h2>
<p>Both the current market cycle and the one that ended in November 2021 follow a five-step sequence that is the focus of the technical analysis.</p>
<h3 class="wp-block-heading" id="steps-1-and-2-new-all-time-high-and-immediate-reversal">Steps 1 and 2: New All-Time High and Immediate Reversal</h3>
<p>In both November 2021 and March 2024, Ethereum produced a peak, reaching a new all-time high or multi-year high, respectively. However, immediately after hitting these highs, the market turned bearish, with prices starting to decline.</p>
<p>Santana emphasizes that the best time to sell is when prices are trading near resistance levels, as predicting a reversal becomes more challenging once the market fully confirms the bearish trend.</p>
<h3 class="wp-block-heading" id="step-3-break-below-ema10">Step 3: Break Below EMA10</h3>
<p>Following the all-time high in November 2021, Ethereum moved below the 10-week Exponential Moving Average (EMA10), confirming that the top was in and a new bearish wave had begun. This led to the “first drop” in prices.</p>
<p>Similarly, in the current market cycle, Ethereum broke below the EMA10 on April 8, 2024, confirming that the top is in and a bearish trend is likely to follow.</p>
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<h3 class="wp-block-heading" id="steps-4-and-5-first-drop-and-lower-low">Steps 4 and 5: First Drop and Lower Low</h3>
<p>Ethereum experienced a dead-cat bounce after the first drop in November 2021, followed by a lower low, indicating a bearish impulse. Santana predicts that a similar pattern is likely to occur in the current market cycle.</p>
<h2 class="wp-block-heading" id="price-targets">Price Targets</h2>
<p>Based on the technical analysis, Santana expects Ethereum to experience a “first drop” that could lead to a price target of approximately $2,222 to $2,400. Following this drop, the cryptocurrency may face a major flush, potentially reaching $2,000 around the 200-week Moving Average (MA200). While prices could go lower, the MA200 is expected to act as a significant support level.</p>
<p>The technical analysis by Alan Santana suggests that Ethereum is poised for a significant price drop in the coming days or weeks, with a potential target of $2,000. Investors should be cautious and consider the possibility of a bearish trend, despite the market’s current disbelief phase.</p>
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<p>The post <a href="https://captainaltcoin.com/crypto-analyst-explains-why-a-significant-ethereum-eth-price-drop-to-2000-may-be-inevitable/" rel="noopener noreferrer nofollow">Crypto Analyst Explains Why a Significant Ethereum (ETH) Price Drop to $2,000 May Be Inevitable</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Crypto Analyst Explains Why a Significant Ethereum (ETH) Price Drop to $2,000 May Be Inevitable

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