Despite the fact that the downward movement has been weakened in Ethereum (ETH) cryptocurrency market, the bearish trend will continue when the correction is completed and the coin will fall in price to $ 2,900 by January 19.
Ethereum rate flew down at the end of 2021. The coin exchange rate collapsed by 29% and reached the lowest since September 30 – $ 2,928 (Bitstamp data). The asset price grew up on Monday, but due to the small trading volume, the rebound did not exceed 12%.
Apparently, ETH rate will adjust to $3,362 over the next two sessions, taking into account the dump from $4,783 to $2,928. Buyers have little chance to break through this barrier, respectively, the value of the asset will fall and drop to at least $ 2,900 within a week.
Kazakhstan accounts for about 18% of the Bitcoin (BTC) blockchain hashrate. Therefore, due to the shutdown of the Internet, the computing power of BTC network decreased by 15%. Against the background of a decrease in the hashrate, the exchange rate of the coin fell, and the dominance of Bitcoin in the crypto market dropped to the lowest value since May 2018.
Many experts suggest that the weakening of BTC will trigger the start of the altcoin season and a powerful pump in the value of Ethereum. For example, analyst Michael van de Poppe predicts an increase in the price of ETH to $22,000 in 2022.
However, the chart data indicate the continuation of the bearish trend in the medium term. Firstly, the asset rate overcame 50% Fib in January, taking into account the pump from $1,700 to $4,868. Secondly, a shrinking triangle was broken at the end of December. The width of the figure indicates a dump of Ethereum price up to $ 2,500, and Fibonacci correction indicates a drop in the value of the coin to $2,400 (78.6% Fib). Most likely, Bitcoin will drag Ethereum with it, and the exchange rate of both cryptocurrencies will update the previous minimum in the first quarter of 2022.