A tweet made by the Twitter user Mac suggests that ETH may drop to $1,070.
A period of flat trading may be on the cards for ETH in the near future.
The price of ETH currently stands at $1,123.09 according to CoinMarketCap.
The crypto educational content platform that goes by the name of Mac took to Twitter on November 21 to share some insights on Ethereum (ETH) and what the price of the leading altcoin could do in the coming days.
3-day chart for ETH/USDT (Source: TradingView)
According to the post, it is likely for the price of ETH to bounce at $1,070, after which trading should be rather flat. Mac also added that it is almost certain that the ETH price will create sweep lows at $1,000 in the upcoming weeks as well.
Data from the crypto market tracking website CoinMarketCap indicates that ETH is also struggling to recover from the effects caused by the FTX meltdown, as the altcoin is currently trading hands at $1,123.09 after a 7.16% drop in price over the last 24 hours. ETH was able to reach a high of $1,225.74 and a low of $1,115.29 over the same period.
The leading altcoin is also still in the red by more than 10% over the last seven days. In addition to this, ETH was unable to gain any traction against its biggest competitor, Bitcoin (BTC) as ETH weakened against the crypto market leader by about 3.72% over the last day.
The altcoin’s 24-hour trading volume is turning heads as it is currently up by more than 100% to now stand at $12,014,049,901. In terms of market cap, ETH is down by more than 7% and now stands at $137,500,398,288.
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