In the last few days, Ethereum (ETH) has struggled to maintain its value, which has been ascribed to the downward pressure that has been imposed on Bitcoin (BTC).
However, the chart analysis of prominent crypto trading expert Rekt Capital published on April 25 suggests that Ethereum may return to the critical $3,000 price level as a likely volatility retest may be in progress, while a negative wick predicted by the expert may see it go as low as $2,600.
“ETH volatile retest of ~$3000 (black) may very well be in progress. Downside wick could go down to as low as the green Higher Low ($2600). A wick into the HL before ultimately performing a Monthly Candle Close above ~$3000 (black) would be bullish.”
Furthermore, the prominent trader pointed out that technically, ETH could see volatility drop to as low as $2600 while still maintaining its multi-month Higher Low.
Ethereum confirms Ascending Triangle topThe trader also noted ETH has proven that the Ascending Triangle top has actually flipped and is now acting as a level of resistance.
“As a result, ETH has been rejected there and is now experiencing downside. ETH could revisit the blue level below if it fails to hold the red boxed area as support.”
Currently, Ethereum is trading at $2,808, down 4.83% in the last 24 hours and 3.08% across the previous week, just shy of $200 away from the $3,000 retest, according to CoinMarketCap data.
As things stand, the second-largest crypto by market cap has a total worth of $340 billion.