Ethereum has faced staunch competition recently. As many as three separate indications of a bearish outcome have been recorded. The appearance of such an outcome on the multi-timeframe data charts indicates trouble. It indicates that the company is running the risk of being exhausted.
This is not a good sign for the organization. They have been doing quite well in the market so far. However, recent declines have raised serious questions about the future of the organization.
Ethereum On Red Alert
Things are not looking very much rosy for Ethereum. The token of the company is known as Ether. Recent reports have shown that the ETH can slump to an all-time low. The price of ETH can go down below $3200 which will be a record. Such a disaster is suspected mainly because of the strong force of resistance in its zone.
The start of the month for the cryptocurrency was on a high. ETH recorded a large amount of swell. Its market witnessed a 22% spike to take its value from $3000 to $3650. The initial eight to ten days in October were brilliant for the company. However, things have started changing real quick for Ethereum. The currency is up against fierce competition. The three indicators of a bearish outcome have rung the alarm bells for ETH.
The resistances faced by Ethereum can cause its prices to take a reverse gear. The rising apex of the wedges and a couple of trend lines of resistance can cause a bearish risk of reversal to ETH. If such an incident takes place, the token will come crashing down. The amount is speculated to go well down below $3200. This was Ethereum’s zone of accumulation for its traders in the initial week of September.
