- Ethereum price prediction expects a drop to $858.
- Strong resistance lies at the $1100 mark.
- Strong support currently lies at the $988 mark.
Following the king Bitcoin‘s footsteps, the queen is on a descent after going as high as $1300. The cryptocurrency observed a high price point of $1150 and the low price point of $988 in the past 24-hours. The queen is trading hands for $1017 at the time of writing.
12 of the queen’s 28 technical indicators are suggesting a buy with 10 neutral and six sell indications. Nine of the oscillators are neutral, with one indication of buy and sell each. 11 of the seventeen moving averages are giving out a buy signal, with five sell indications and just one neutral indication.
Ethereum price prediction: What to expect?
Analyst Ryana Rhodes has identified the cryptocurrency to be in a falling-wedge formation in their Ethereum price prediction. In addition to the falling-wedge formation, Ethereum has also formed a symmetrical triangle with the wedge formation’s lower boundary. As per the analyst, it is equally likely for Ethereum to break out upwards or downwards at this point.
In the first scenario, the upward break-out of Ethereum will be confirmed once Ethereum reaches $1,191. Ethereum, continuing its upward hike, can be expected to face strong resistance at the all-time high of $1,400. In the second case, Ethereum can go very low if a downward break-out is confirmed. The break-out will be confirmed once Ethereum closes below or at $1,135. The likely price target for the cryptocurrency can be $858 in that scenario. The analyst is leaning towards the downward break-out and predicts that Ethereum could hover around $600 in a few months. This analysis has been closely confirmed by Crypto Guru, who also predicts similar levels of Ethereum in light of price actions.
While analyst Erfan Mohammadi has stated three very likely target potentials in his Ethereum price prediction, all are bullish. Per the analyst, Ethereum has broken out of the earlier-identified triangle formation and appears to be on a downward trajectory. Ethereum is expected to follow a downward wave count on its descent so that some positive pullbacks can be expected from the cryptocurrency, but they will not last. The first target potential is $958 at the 0.5 Fibonacci level, followed by $866 at a 0.618 Fibonacci level and $735 at the 0.786 Fibonacci level.
The majority of the analysts do not appear to be hopeful for Ethereum’s future. The correction can likely stretch for weeks with all the cryptocurrency’s progress lost. Analyst Jalapablo has warned that the higher the cryptocurrency goes, the deeper the correction, which is what Ethereum is facing as of now. The analyst has plotted two distinct wave counts in his Ethereum price prediction, but both the wave counts are going down.
Ethereum has completed wave A and B in the first wave count and is now underway completing wave C, which means the price level dropping to around $750. If the third wave is completed, Ethereum will drop to $890. After a minor upward pullback in the fourth wave, Ethereum will continue its descent to a value of below $800.