Ethereum Price Prediction & Analysis: Fractals Forecast Five Digit ETH Target

Ethereum (ETH) price trades today at $2,015.3 as of 8 PM. Despite Bitcoin’s (BTC) uncertainty, Ethereum prices today hit a daily high of $2,078.2 after -2.77% move on October 29.

Why is Ethereum Price Down Today?

The recent consolidation in BTC has caused Ethereum’s price to pause its bullishness, which is why it’s down today. However, if BTC regains its bullish momentum and hits $90K, ETH price will also extend its gains. Regardless, investors need to be careful as technical analysis points to a potential drop in BTC toward $85K to fill the CME gap formed over the previous weekend.

*Ethereum price updated as of 8 PM.

Fractals Forecast Five Digit Target For ETH

Based on fractal analysis posted by two crypto analysts, the target for ETH is in the five digits. The first fractal shows a target beyond $10,000 per Ethereum token. The second analysis’ target is around $20,000.

The former analysis notes a “1, 2, 3 bounce pattern” in 2017, 2018, and 2020. The rally that emerged after these three bounces led to a move from $100 to $4,900. If this outlook repeats, Ethereum price could hit $10,000 to $11,000. The second fractal shows a declining broadening wedge pattern.

Ethereum Price Prediction & Analysis

The technical analysis of the Ethereum price on the daily time frame reveals successive higher highs and higher lows, signaling an effort from buyers to flip the bearish trend. As noted in the chart below, the key resistance levels at $2,100 and $2,166 need to be flipped into support levels to confirm the start of a bullish trend. In such a case, ETH price could attempt 20%, 28%, and 40% rallies to tag the $2,600, $2,770, and $3,000 resistance levels.

So far, Ethereum has already tagged the $2,100 level and is currently retracing to find its footing. As long as this digital asset forms a higher low above $1,934, the recently formed bullish trend will remain intact. In this case, investors can expect the next leg to tag the $2,166 hurdle and the subsequent level mentioned above.

Supporting these bullish Ethereum price prediction targets are the CME gaps at $2,623, $2,888, $3,237, and $3,930. If the buying pressure remains strong coupled Bitcoin’s macro bullish outlook, the momentum will be enough to push ETH price to $4,000 in April.

On the other hand, if Ethereum price breaks the $2,134 low, it will suggest that the bears or selling pressure is dominant. In such a case, ETH will revisit the $1,756 key support level. A breakdown of this level will invalidate the bullish thesis and potentially crash the altcoin down to $1,500.

Other Factors That Affect Ethereum’s Predictions and Analysis

Spot Ethereum ETF outflows have been reducing since February 26 and hit zero on Monday. If this trend continues, ETH ETFs might see an inflow, adding to the overall positive outlook for the cryptocurrency.

Roughly $701 million worth of short positions will be forced to close, aka liquidation, if the Ethereum price hits $2,114, based on CoinGlass data. A forced closing of short position means that investors are forced to buy back, which adds buying pressure to the already bullish outlook for ETH.