The correction takes the price of Ether back to $3,000

Price analysis based on the value pair ETH/USD on Bitfinex

Ethereum Price Prediction

  • Ethereum falls back below the 200 (blue) EMA near $2,993 this week.
  • USD 3,273 is now acting as the first strong resistance.
  • Only a clear rally in this price marks activates the next target at $3,507.
  • $2,815 now serves as a key support level for the bull camp.
  • Today’s correction is once again due to renewed weakness in the classic financial market.

Bullish Scenario (Ethereum):

  • The bulls failed to stabilize Ether price above the key support at $3,170. The subsequent break of this support darkened the chart for a short time as shown in the previous week’s analysis.
  • Ether price now needs to stabilize above USD 2,815 in order to keep the chance for further bullish movement.
  • Optimally, Ethereum is already turning north again in the area of ​​the weekly low at $2,993.
  • If the bulls manage to break back above USD 3,170 (EMA200), a first directional decision will be made in the USD 3,273 area.
  • If the price of ether can then also resume this long-term resistance, a further advance in the turquoise zone is to be expected.
  • If Ethereum clears the resistance at $3,408, Ether price should retrace back to the $3,507-$3,577 area.

The fight enters a new round

  • The 3,507 USD in particular deserves more attention. With the MA200 (green), the Supertrend and the “Golden Pocket” there is a wall of resistance here.
  • Crossing the zone between $3,507 and $3,577 sustainably is a daunting task in the short term.
  • If Ethereum breaks out of this massive resistance zone, the chart picture will brighten considerably.
  • Then the next price target at $3,752 appears. The bulls could also reach $3,898.
  • If the bull camp breaks through this technical hurdle as well, the maximum price targets for the coming weeks at $4,043 and $4,158 will come into focus. In the short term, a break above this zone seems very unlikely.

Bearish scenario (Ethereum)

  • Bears are taking advantage of Bitcoin (BTC) price weakness and sending the second-largest cryptocurrency further south.
  • The abandonment of the 200 EMA predicted an extension of the correction.
  • If the bears continue to maintain selling pressure and Ethereum dynamically breaks back below $2,993, the consolidation initially extends into the orange zone between $2,815 and $2,733.
  • Here, the bulls will have to counter it to apply a bigger sell.

Probable fix extension

  • However, if Ethereum falls below $2,733 sustainably but gives up, the correction extends to the area between $2,659 and $2,578.
  • If the buyer camp also does not come back into the market at $2,578, the sell-off should extend to the yellow support zone.
  • A retest of the zone between $2,448 and $2,305 is currently the maximum bearish price target for the coming weeks.
  • A brief dip to the low of the year at USD 2,161 cannot be ruled out either. However, if the price of ether does not react sustainably here, it could trigger another bearish winter. Prices below $2,000 would be the result.
  • The RSI indicator as well as the MACD remain short in the daily chart. In the short term, downside risks seem to prevail.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations, but merely an analyst’s assessment.

The images in the chart were created using TradingView created.

USD/EUR exchange rate at time of writing: 0.92 EUR.

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