An Ethereum coin on a chess board
There is a recent back and forth on the prices of crypto assets as the market seems uncertain about its direction. For Ethereum, the future is even more uncertain as a new sign shows a potential downward move.
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According to crypto analyst Ali on 16 October, the second largest crypto asset stands the risk of a significant crash if this rare bearish MACD (Moving Average Convergence/Divergence) crossover happens.
A big concern
The MACD is a momentum indicator that is used to identify price trends, particularly changes in such trends.
Such an indicator making a bearish crossover calls for concern, as the affected asset is likely to turn bearish and experience a major price drop.
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According to Ali, this indicator is very critical for Ethereum because the last two times the crossover happened, the price crashed by 43% and 61% respectively.
At the current price, a 43% percent drop will bring the price down to just over $2300, which will be devastating to Ethereum investors who have been looking forward to an upward move and a new all-time high.
Analysts recently predicted that the coin is set to reach $10,000 in this bullish cycle. While such a crash may not completely invalidate it, it could definitely cause a significant delay in the realization of the price expectation.
Market-wide correction
After a successful recovery from the flash crash that affected the crypto market last week, the crypto market has experienced a few more corrections which it can’t seem to shake off.
Currently, several top cryptocurrencies have seen significant drops in price, including Ethereum which is hovering just above $4,000.
Solana is currently the biggest loser in the last 24 hours with over 4%, followed by Ethereum and others which have lost over 2%.
The market has been trading sideways as uncertainty looms with no end in sight.
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