Scott Redler of T3 Trading Group predicts a major correction for the second largest cryptocurrency Ethereum (ETH).
Redler stressed that the largest altcoin remains “vulnerable”.
Redler claims that Ether entered a bear market in November after the weekly chart broke multiple moving averages and signaled sell at $3,700.
The bears are currently looking determined to push Ethereum below the $1700 level. Redler thinks that if the bears are successful, the asset will fall as low as $1,400.
The largest altcoin came very close to losing the key support level and fell as low as $1701 after the Terra crash.
Although Ether partially survived this collapse, it was repeatedly rejected at the $2000 level.
The asset fell 63.81% from $4,878, the ATH level reached seven months ago.
Ethereum is trading at $1,776 at the time of writing, according to CoinMarketCap data.
