TL;DR Breakdown
- Ethereum price prediction expects a drop to $1000.
- Strong resistance currently lies at the $1160 mark.
- Strong support currently lies at the $1100 mark.
The queen of cryptocurrencies follows the king, as usual, with the bullish pressure not as strong as expected by analysts. Ethereum’s movements were sharper with near-identical daily price movements than that of the king’s and hence, greater volatility. In the past 24 hours, the queen peaked at $1,255 but eventually went down to the low at $1,070. Finding stability in the $1,160-$1,170 range, at the time of writing, Ethereum is trading hands for $1,171.
Out of the total 28 technical indicators the majority are signaling towards buy, with nine at a neutral position and only three buy signals. Eight of the oscillators are neutral, two are at a buy position, and one at sell. 14 of the moving averages are signaling buy whereas one indication is at neutral and two at sell.
Ethereum price prediction: What to expect?
In his Ethereum price prediction, Analyst Crypto Guru is expecting ETH to hit the $2000 price level but more likely to drop down towards $1000 before turning bullish. Guru has identified an ascending triangle in the price action of Ethereum. Per the analyst, Ethereum dived towards the 0.382 Fibonacci level, which lies at the price level of $1,010. The analyst believes that Ethereum’s price action is fading even though it pulled itself back up from the 0.382 Fibonacci level. The cryptocurrency is at a crucial stage currently.
Its upcoming price action will determine the trajectory it takes for the foreseeable future. The analyst suggests that if Ethereum fails to break the $1150 resistance levels, it will likely be heading back to the 0.382 Fibonacci level where Ethereum will also find the support of exponential moving average (EMA) 89 at around $1,000.
Per the analyst, the hopeful target of $2,000 will only be achieved if the cryptocurrency breaks out from the ascending triangle to the upside. The first indication of this break-out will be Ethereum closing above the $1,150 mark. After which, the analyst’s first price target will be at $1,450. In the long-run, the analyst predicts a price value of $5,000 to $20,000 to be achieved by Ethereum in the next few years.
The reach towards the $2,000 price level is also confirmed by analyst Harison HBN who has identified a key support line in his Ethereum price prediction. The steep ascending support line is pushing the cryptocurrency towards an optimistic price level of $2,000. Per the analyst, Ethereum is close to touching the all-time high of $1,400, which is also near the 0.786 Fibonacci resistance level. Once it crosses that level, it will become more likely that the cryptocurrency smashes resistance levels to reach $2,000.
Analyst Trade Station is not as hopeful for the cryptocurrency in their Ethereum price prediction. Station believes that the current consolidation of Ethereum is as good as it’s going to get. Based on the historic trends observed during the 2018 bull-run, Ethereum seems to be heading for strong corrections, in the near future. Per the analyst, Ethereum price was moving at the same level it is now, in the 2018 bull run. The cryptocurrency consolidated in the $900 region before it crashed hard in 2018. The analyst believes that Ethereum touching the $900 price level could be an indication of the upcoming corrections.
