Ethereum (ETH): Mike Novogratz forecasts a rise towards $2,200

Ethereum (ETH) is showing an ascending flag on its daily chart. This is a bearish pattern that predicts a 15% drop. Indeed, the range since September 21 seems to end in a bearish movement. If the price breaks below $1280, Ethereum may drop to $1100. Additionally, pressure from the bears on the king of cryptos could escalate the situation and trigger a sharp drop.

Could ETH fall again?

Today’s daily candle triggered a break of the ascending flag, which produced a candlestick approaching $1290. This break should be followed by a decline of 15%. Indeed, the rising Flag was formed after the fall between September 17 and 21, called “flagpole”. In such a situation, the downward movement following this pattern should have the same magnitude as the previous fall. Thus, one could expect a further decline of 15%, driving the price of Ethereum to $1100.

On the chart, this objective is obtained by transposing the height of the flagpole to the breakout point of the flag at $1284. This is why we can consider a 15% crash on Ethereum. Moreover, the breakout of the critical support at $1280 will eventually confirm this move in favor of the bears. We could even consider the price of the eternal second at $1080, which is also an important level.

ethereum price
Ethereum (ETH)/ Dollar (USD) – source: TradingView

Triple-digit Ethereum price?

However, given the bearish setup on bitcoin (BTC), things could quickly escalate, which will likely force the price of Ethereum (ETH) into triple-digit territory. The breakout of the $1000 psychological level will be a bad sign for the buyers.

On the contrary, an entry of bitcoin bulls could brighten the crypto market. Thus, the Ethereum situation will have to improve as well. Which will make things easier for Ether HODLERS. Indeed, if the bulls step in and close a daily candle above $1338, it will invalidate the bearish prediction.

Such a situation should lead Ethereum to extend its bull run to the new resistance at $1436. For the moment, we remain very attentive while monitoring the support of $1280.

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