Sign Up on MEXC
Ethereum Price Prediction: Since the onset of November, Ethereum has experienced heightened volatility with the $1830 level proving to be a formidable resistance, impeding its upward trajectory. This resistance has led to two weeks of indecisive trading, as evidenced by long-wicked candles which reflect the market’s current uncertainty. Investors are pondering whether this consolidation could usher in another bearish downturn.
Also Read: US Seizes $54 Mln Crypto, Including Ethereum, In Narcotics Scheme
Is a Correction Underway?
- The channel pattern leads to the current consolidation in the ETH price
- A bearish breakdown channel pattern would set the price at 16%.
- The intraday trading volume in Ether is $5.3 Billion, indicating a 27% loss.
Source- Tradingview
The ongoing recovery in the Ethereum price journey initiated from the mid-October low of $1522 to a three-month high of $1874, amounting to a 23% increase. Nonetheless, this rally brought it to a resistance level that aligns with the upper trendline long-standing wedge pattern, potentially introducing a new supply zone for the market participants.
Mirroring the Bitcoin price consolidation, the ETH price is encountering substantial selling pressure around the $1830 threshold, as suggested by the long-wicked rejection candles. However, a detailed analysis at shorter timeframes, reveals a rising channel pattern demarcated by two ascending trendlines.
Should this pattern hold, we might see this altcoin oscillate within the $1800 to $1880 band, indicating a moderate bullish continuation.
From a bearish viewpoint, a breach below the channel’s lower boundary could precipitate a short-term downturn for Ethereum. The Fibonacci Retracement Tool delineates critical support levels at $1750 (corresponding to the 38.2% Fibonacci level) and $1700 (at the 50% retracement mark).
A retracement to these zones could potentially be a precursor to a renewed ascension above the $1880 threshold, maintaining the larger bullish narrative.
[converter id=”eth-ethereum” url=”https://coingape.com/price/converter/eth-to-usd/?amount=1″]
Can the ETH Price Fall Back to $1500?
Ethereum’s daily chart over the last seven months illustrates a methodical pullback within the confines of a descending wedge pattern. The latest uptick was a part of this pattern, testing both of its boundaries. If the pattern endures, a correction towards the $1500 mark might materialize, though traditionally, such a pattern concludes with a bullish reversal, as Coingape mentioned in our previous article.
- Exponential Moving Average: The daily EMAs(20, 50, 100, and 200) waver around the $1780 to $1700 price bracket, fortifying this area as a strong support zone.
- Relative Strength Index: The daily RSI forming lower highs within the overbought territory signals a possible price retracement.
- Bitwise Files S-1 for Avalanche ETF With SEC Following Delaware Registration
- REX-Osprey Dogecoin and XRP ETFs Set to Launch September 18
- Coinbase’s Base Explores Issuing Network Token to Power ‘Global Economy’ Push
- Trump Urges Powell to Make a Larger Fed Rate Cut Ahead of FOMC Meeting
- Breaking: PayPal to Integrate Bitcoin, Ethereum, PYUSD In New P2P Payments System
- Solana Price Prediction: Analyst eyes $1,250 as Galaxy Digital and Forward Industries Intensify Accumulation
- Trump Coin Price at Risk of a 16% Dive as Open Interest, Whale Selling Intensify
- Hype Price Prediction Gains Momentum — Is USHD Launch the Fuel for $72 Target?
- Bitcoin Price Prediction: Q4 Rally Looms as ETF Inflows Hit $642M—Analyst eyes $150K
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
