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Ethereum Price Drop Imminent, Limited Upside for BITSTAMP:ETHUSD by MaryJ_1

Crypto markets have been looking bearish since May and without any clear reversal of the trend, I expect the bear market to continue for at least the next month or two. Looming regulation concerns have also dampened expectations of an end to the bear market. Ethereum has failed to break out of the descending triangle pattern it has been in since the end of May, even despite of the rally in the first week of July. A break of the descending triangle to the upside is unlikely. Considering a break of the triangle is unlikely and the negative news surrounding cryptocurrency, within the next month or two we can expect the price of Ethereum to drop below $1700.

Within the past few days, Ethereum has been trading between the approximate price range of $2059 and $2170 and failed to break the $2059 support level . Assuming the support level is to fail, expect the price to drop to the next support level of approximately $1922 and should that fail the price should drop to the low of $1700. Within the next 7 days.

Regardless of whether or not the current support level holds or if current support level breaks, the price upside is about $2280 in the next 7 days, which is the Fibonacci retracement level and the peak of the descending triangle trendline. With very limited upside and almost certain risk of downside, I advise traders to exert caution.

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