Ethereum (ETH) Price to Drop Hard in the Next 3 Days-May Even Mark the Bottom of the Cycle

The second-largest crypto, Ethereum, has sustained above the crucial $1100 price level each time it drops amid the mounting bearish action. While the other assets including Bitcoin price plummeted by nearly 50%, ETH price marked new lows below $1000. While the current rebound is expected to reclaim the lost levels, the possibility of another leg down emerges. 

The ETH price was trading within a decisive symmetrical triangle ever since the price trying hard to rebound from the crash led by the fall of the Terra ecosystem. Presently, the price volatility has dropped heavily and hence the asset is approaching the pinnacle by trading within a very narrow range. 

However, as per the new trade set-up, the ETH price is believed to pull a massive leg down very soon. 

Source: Tradingview

The Ethereum price is now flashing extreme bearish signals in various time frames as the conditions are more favorable for state 2 expansion towards the south. In the higher time frame as the 3-week chart displays the possibility of a bearish divergence which may be ignited with the next upcoming candle. 

Woefully, this is just 3 days away and hence the weakness behind the distribution phase may not be completely nullified. 

As the ETH price is trading within the Wyckoff mode and about to begin the 5th wave of the consolidation, a slight sign of weakness may drag the price as low as $875 and $625. Therefore, the upcoming couple of weeks appear to be extremely crucial, as a notable price plunge may kick in if the bears regain their dominance over the asset again. 

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