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Ethereum price prediction: ETH/USD falls to $1,700 as bulls avoid long positions

Ethereum price prediction ETHUSD falls to as bulls avoid long positions

TL;DR Breakdown

  • Ethereum price prediction supports consolidation near the all-time high
  • Option expiry brings additional volatility in the pair near the $1,700 range
  • Technical indicators remain neutral to upward biased
Ethereum price prediction: ETH/USD falls to $1,700 as bulls avoid long positions 1
Cryptocurrency heat map by Coin360

The ETH/USD pair is moving in a well-defined range with the target of moving beyond the all-time highs. Also, the same trend reflects itself in the ETH/BTC pair, which is closely following the ETH/USD pair with a high correlation of technical indicators. Technical analysis shows that ETH/BTC must remain on course with ETH/USD if it wants to touch $2,000 in the next few days.

The short-term range for ETH/USD is between $1,720 to $1,850. Over the weekend, the intensifying selling pressure can take the ETH price below the $1,640 level. If Bitcoin does not hold its support levels, the corresponding downfall in Ethereum price prediction may induce a minor correction in the next few days. The correlation between ETH and BTC is currently at an all-time high.

Ethereum price movement in the last 24 hours: Slowly moving higher beyond $1,750

Fibonacci retracements are right now the ideal way to understand the various support and resistance levels in Ethereum price prediction. The different retracement levels have been coinciding with the support levels that are evident in the candlestick patterns. The confluence of candlesticks within the Bollinger Band extremes is also supporting the bullish move.

On the daily timeframe, the $2,040 level is driving the price action. The attempt at recovery towards an all-time high finds resistance at $1,920. The $1,900 region is significant from various pivot points as it could be a launchpad for higher price levels. Right now, the same level is offering heavy resistance to the pair.

Some technical indicators are giving out a bearish leaning to the pair. The momentum is fast shipping to the $1,550 on the weekly timeframe. But given the thin weekend liquidity, the Ethereum price prediction of under $1,600 seems far-fetched. The shorter timeframes are predicting a bullish recovery without any obstacles. Minor corrections towards the $1,720 region will only increase long positions as buyers will step in at lower price levels.

ETH/USD 4-hour chart: Technical indicators are subtly bullish

Ethereum price prediction: ETH/USD falls to $1,700 as bulls avoid long positions 2
Ethereum price chart by TradingView

Currently, a steady uptrend is in the making as the ETH/USD pair builds on weekend momentum. The Stochastic RSI is climbing gradually to higher levels. The RSI remains near 59 with a bullish bias. The MACD is slowly rising towards buying region but still far from oversold territory. The hourly charts are full of bullish bias technical indicators.

Ethereum price prediction studies are pointing towards the $1,720 level as critical in the coming days. The volumes are slightly reaching overbought levels on the hourly charts. But a muted weekend will normalize some overbought readings. The prices will be driven higher, and the region would present a buying opportunity in the coming days.

On the bearish side, the revision of the $1,550 area would give more opportunity to the sellers to intensify the momentum. The $1,500 price level is the 50 percent Fibonacci retracement of the current bull cycle in late February. Technical studies suggest that highly bullish assets can experience corrections up to 50 percent in the bearish hold.

Ethereum price prediction conclusion: Consolidation supports more bullish movement

ETH has risen by 2200 percent in the last 11 months. Ethereum price prediction analysts are factoring in a 50 percent correction in the worst-case scenario. Some believe that the early phase of such a correction is already in the making, and minor corrections are already underway. So, bulls have some reasons to worry before they create over-optimistic long positions.

If a lengthy consolidation phase does happen, a muted trading volume will be the first signal for traders. When bulls target the psychological $2,000 level, they must also beware of the pivot points that offer significant resistance, including the $1,900 level. A multi-week consolidation will only strengthen the buyer’s activity.

Immediate support lies at $1,665, where the bulls will consolidate as per Ethereum price prediction. Broader market support is required for the next bull run. Barring an extended crypto rally, the ETH/USD pair will experience serious resistance at $1,850, which will also cap any upside.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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