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Ethereum Price Prediction: Can ETH break out at $1600?

Ethereum

TL;DR Breakdown 

  • Ethereum hits a mixed start yet again.
  • The asset has garnered a 23.6% Fib of $1,578.
  • Value of the asset might go higher, reaching as high as $1,600.

Yesterday, Ethereum took a downslide dip of over 5 percent after partially taking a 10 percent rally rebound as at two days ago, Monday. The second largest crypto asset by market cap ended the day’s trading at exactly $1,488.30 market price.

The asset trailed off on a mixed-start, shuttling between going up and coming down at regular intervals. It rose on an early morning intraday high of about $1,605. But its rise was short-lived as it couldn’t maintain a steady balance. It hit a reverse midway through the day.

Ethereum Price Prediction: Can ETH break out at $1600? 1
Source: Tradingview

It fell short of the first major resistance level which ought to have been $1,627. However, ETH brokered an amazing 23.6% Fib of $1,579 afterwards. It continued to take a fall till it reached a late intraday low of $1,455.86. A sell-off made ETH go below the 23.6% Fib, meeting its first major but late support. It then began to soar slowly but steadily via its first-major-support, in turn shedding off deficits. This pushed it into $1,547.

As of the time of this writing, ETH had begun following the downsides again. It has shed off 0.44% to make the market price fall to $1,543. This is another mixed-start to the day, which means the price of the asset could be fluctuating between the different levels again.

How would Ethereum perform?

There are indications that the price of Ethereum could run over the pivot-level of $1,517. This will in turn create a chance for a first-major-resistance level of $1,578 as well as 23.6% Fib of $1,579. If ETH can garner support from other markets (which is necessary), it can conveniently cross the $1,570 level.

While creating a bar for the extended crypto rally, there’s a huge chance the first-major-resistance as well as 23.6% Fib could cap abnormally. A double-breakout should push ETH to start testing second-major-resistance at $1,667 as well as resistance at $1,700. 

But if it fails to push itself beyond the $1,517 pivot, then the first-major-support level is bound to get activated at $1,428. If we witness an extended sell-off of the asset, the asset would be bound to steer clear of sub-$1,400 levels with a second-major-support settling at $1,367.

What to watch out for?

First-Major-Support: $1,428

Pivot: $1,517

First-Major-Resistance: $1,578

23.6% Fib Retracement: $1,579

38.2% Fib Retracement: $1,292

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Bruno Johnson

Bruno Johnson

Bruno loves the crypto industry. He is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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