- Analyst CryptoKaleo predicts Ethereum value will drop to $1,600 earlier than rallying towards $2,400.
- The value dip will symbolize a retest of the pre-LUNA/UST liquidation breakdown degree.
- Equally, the analyst expects Bitcoin would dip towards $24,000 earlier than rallying to $40,000.
The crypto analyst that goes by CryptoKaleo on Twitter has predicted that the Ethereum value will drop to $1,600 earlier than rallying towards the $2,400 value area. Based on Kaleo, the value dip will symbolize a retest of the pre-LUNA/UST liquidation breakdown degree.
Kaleo defined his place utilizing an ETH/USD day by day chart to spotlight a number of the main Ethereum value conduct because the center of 2021. The occasions Kaleo highlighted embody the Ethereum value rally from July to November 2021, when the ETH value rallied towards the $4,700 value degree after bouncing from the $1,600 area.
Kaleo’s chart evaluation revealed that the rally’s peak represents the start of a downtrend that prolonged to March 2023. It additionally expressed horizontal assist, which has flipped right into a resistance, contemplating the present value of ETH.
Having damaged above the trendline that marks the downtrend, Kaleo thinks the value of ETH will consolidate and pull again to retest horizontal assist established a couple of 12 months in the past. That assist was within the aftermath of the notorious LUNA crash in Could 2022. The unstaking of over $2 billion value of UST triggered the LUNA crash. In consequence, buyers shortly liquidated lots of of tens of millions value of investments.
Based on Kaleo, ETH will bounce from this assist to rally towards the resistance at $2,400. The analyst additionally famous that Bitcoin’s value would develop in a trajectory much like Ethereum’s by dipping towards the $24,000 value area earlier than rallying to retest the $40,000 value area.
On the time of writing, ETH’s value had damaged under native assist at $1,787 and was buying and selling at $1,761. Dropping decrease might see the flagship altcoin fall to the subsequent assist at $1,687, confirming Kaleo’s value dip prediction.
