T3 Trading Group’s Scott Radler Claims Ethereum Remains Weak
Ethereum (ETH), the second largest cryptocurrency, could experience an even sharper correction according to Scott RadlerChief Strategic Officer of T3 Trading Group.
A CNBC contributor claims that the main altcoin remains “vulnerable” despite suffering substantial losses.
Radler claimed that Ether entered a bear market in November, when its weekly chart showed a sell signal at the $3,700 level after breaking several moving averages and getting rejected at the $2,800 and $2,300 levels.
Now, the top altcoins have once again appeared in a dangerous position, with the bears determined to push the cryptocurrency below the $1,700 level.
If they succeed, Ether is likely to drop to the $1,400 level next, predicts Radler.
On May 12, the second-largest cryptocurrency came close to losing key support levels, falling to $1,701 due to the Terra transition.Although Ether managed to partially recover from that crash, it failed to maintain the bullish momentum, thwarting several attempts to retest the $2,000 level.
Earlier today, veteran trader Peter Brandt tweeted That Ether was possibly forming a descending triangle, which is a bearish chart pattern. The chartist predicted that the price of the major altcoin could drop to $1,268, well below the all-time high achieved by Ethereum during the last bullish cycle, which peaked at $1,419 in 2018.
Ether is down 63.81% from its all-time peak of $4,878, achieved seven months ago. In 2018, the cryptocurrency fell by more than 94% in less than a year.