Ethereum Price Forecast: ETH Rises to $4,200 at Risk as Sellers Target $1,400

Ethereum climbed to levels below $2,200 towards the end of last week. The price drop was accompanied by Bitcoin's drop to $33,000. Other crypto-assets also took a hit and Ripple revisited support at $0.8. A recovery followed as Ethereum gained ground above a few vital levels, including $2,400, the 50 Simple Moving Average (SMA) and the 100 SMA on the four-hour chart. This bullish showdown has been gradual but consistent. However, several attempts to break the barrier at $2,900 have dashed hopes of getting ETH above $3,000. Ethereum Bulls Compete for Higher Support Ethereum is trading at $2,740 at the time of writing and after $2,900 rejection. All attention is focused on finding a higher support base to prevent the losses from gaining momentum. The $2,700 direct anchor may attempt to defend the ongoing correction against revisiting the lower levels near the 50 SMA and 100 SMA. ETH/USD 4-Hour Chart Tradingview BTC/USD Price Chart A symmetrical triangle pattern has formed on the chart, showing both bullish and bearish signals. Note that if the price breaks the resistance of the upper trendline, it will create a significant uptrend considering $4,200. On the other hand, closing the day below the lower trendline could trigger large sell orders and drop Ethereum as low as $1,400. The dilemma facing Ethereum is reminiscent of its consolidation within the symmetrical triangle. The path of least resistance is down based on the direction of the Relative Strength Index (RSI). The trend strength indicator moves towards the middle line and highlights the uptrend. Likewise, the MACD is about to give a sell signal and is calling more sellers into the market. Therefore, not sticking to the 100 SMA or the 50 SMA could potentially mean a massive price drop. Ethereum intraday levels Spot: $2,740 Trend: Bearish Volatility: Low Support: $2,700, 50SMA and $2,300 Resistance: $2,900 and $3,400 after Ethereum Price Forecast

Join the Discussion

  • BrokerEUR/USD
    OANDA 1.3pips (variable) margin: 3.33%
    LCG 0.3pips (variable) margin: 3.33%
  • Back to top