Ethereum Bear Market on the Horizon: Prepare for a Breakout

The price of Ethereum (ETH) has been able to stay above the horizontal support level of $1,600 up to this point. With a bearish moment, it’s possible that breaking it will cause prices to drop a lot.

The Wolf Of All Streets says that a crypto trader and investor talked about how the price of Ethereum changed in different time frames on his Twitter account.

Wolf says that the price of ETH has reached a new medium-term equilibrium at $1,652. He then said that it’s possible that Ethereum’s price would have gone down if it hadn’t closed at that level.

Wolf says that the price of ETH bounced off the 50-Moving Average (MA) in the 4-hour time frame and is now building a flag with a long wick below it.

On January 21 and 22, bulls pushed the price of Bitcoin (BTC) over $22,800. But the candlesticks’ long wicks showed that bearish selling was taking place at higher levels. The bears tried to start a correction on January 22, but the bulls bought the intraday drop.

The price of ETH right now is $1,635, and over $8 billion has been traded in the last 24 hours. Notably, the market cap has stayed above $200 billion for the past few days.

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