Pentoshi shared a crypto analysis on ETH on his Twitter account. According to him, Ether (ETH) could see more declines if the price breaks below this critical support. Another analyst agrees with this idea by noting a bearish momentum.
Ether (ETH) could experience a significant decline
The crypto analyst known as Pentoshi has once again issued a warning to ETH hodlers. He has already, moreover, announced the end of the bitcoin (BTC) bull market in 2021. This time, he told his 677,100 Twitter followers that the eternal second could see a significant decline. Its bearish momentum could shift to higher levels if Ether (ETH) trades below a key support level.
He says he wants to take a long position in this area by placing a very tight stop. Thus, if the price of ether (ETH) breaks below this zone, the long position will be invalid. Pentoshi notably talks about the support zone around $1,480 and $1,500. As of this writing, ETH is trading at €1477.
Another analyst agrees
Another analyst, Smart Contracter, agrees. He also sees bearish movement on Ether (ETH). He indicated that this crypto just broke through the diagonal support of a bearish pattern. According to him, the bearish flag structure has just broken. The analyst then seems to be predicting a drop in ETH towards the $1,480 price level.
As for Bitcoin (BTC), the situation is no better than that of ether (ETH). According to Pentoshi, the queen of cryptos has not yet finished the current correction phase. The analyst sees BTC dropping all the way to $21,500 before the bulls can make a small bounce. He nevertheless stresses that he “would love to see that and would like to play it for a rebound”.
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