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Ethereum price prediction: ETH failed to retest $1,500, more upside to follow

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  • ETH rejects $1,600 again.
  • Major support for Ethereum is located at $1,540.
  • Ethereum fails to reach $1,500

Ethereum price prediction for today is bullish as the market currently rejects further downside after failure to break above the $1,600 support.

Ethereum price prediction: ETH failed to retest $1,500, more upside to follow 1

Cryptocurrency heat map by Coin360

The overall market is in the red for the past 24 hours. Market leaders – Ethereum and Bitcoin both have lost almost 4 percent. Among the major altcoins, the best performance is seen for Uniswap and Ripple, with a gain of 14 and 1.25 percent, respectively. Among the worst performers are Polkadot with -9.7 percent in the red and Binance Coin with -7 percent.

Ethereum price prediction: ETH failed to retest $1,500, more upside to follow

In our previous Ethereum price prediction we mentioned how ETH still holds below $1,600 after a brief attempt to break above earlier today. What followed was a sharp spike to the downside towards the $1,500 psychologically important price level. However, before Ethereum price could reach the mark, bulls entered the market again and currently hold ETH/USD from moving any lower.

Ethereum price movement in the last 24 hours

In the last 24 hours, Ethereum has traded in a range of $1,455 – $1,590 with a volume of $19.7 billion, which is down by almost 9 percent compared to the previous 24 hours. Currently, Ethereum price trades at $1,540 with a market cap of $177 billion.

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ETH/USD 4-hour chart – $1,600 still hold Ethereum

On the 4-hour chart for ETH/USD, we can see that overnight, Ethereum made a relatively large move from $1,450 to $1,600, which is close to the range that previously was seen for Ethereum. After a brief test of the $1,600 mark, ETH reversed and attempted to move lower again.

Ethereum price prediction: ETH failed to retest $1,500, more upside to follow 2

ETH/USD 4-hour chart by TradingView

Overall, Ethereum continues moving sideways after several week low around $1,300 was followed by a rebound towards the $1,600 resistance. Therefore, Ethereum has established a trading range derived from previously seen support and resistance levels. A clear break to either side needs to be made before further trend direction can be set.

Since Ethereum has declined by more than 35 percent after reaching a new all-time high at $2040 on the 20th of February, we should expect the current bearish momentum to end soon. The first sign of upcoming reversal back to the upside is the higher high set around $1,650 on the 3rd of March.

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Since the higher high, Ethereum has failed to set a following higher low. Therefore, a clear indication that the trend to the upside has resumed is yet to be set. For now, Ethereum is in a neutral sideways price action, which could offer some short-term range trades.

However, the safest option would be to wait for Ethereum to set another higher high, followed by a higher low. For this to be achieved, the $1,600 resistance needs to be broken first. Afterward, the next resistance is seen at $1,700, meaning that Ethereum should move by at least $100.

Alternatively, if Ethereum moves back towards $1,450 support and breaks it, we expect a much more bearish outlook for Ethereum over the following weeks. Next support would be located around the current several-week low of $1,300. From there on, Ethereum could drop a lot more, and caution is advised.

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Ethereum Price Prediction: Conclusion 

Ethereum price prediction is bullish as the market rejects further downside over the past hours. Since ETH has established a trading range around $1,450-$1,600, a clear break either above or below it needs to be made before a clear trend direction can be established. However, considering how much Ethereum has lost over the past weeks, we expect a break to the upside to be made next week.

For further reading, see our long-term Digibyte price prediction as well as an article on Ripple wallets.

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.

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Ethereum

Ethereum Price On the Brink of Breakout! $11.3k Target Could be Imminent!

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The global crypto space is making some serious moves over the last week with 10.8% profits reaching a $2.50 trillion market cap. However, Bitcoin’s dominance has risen by 0.66% taking BTC price level to the $62,000 milestone on 15th October 2021. 

Besides, its counterpart Ethereum with top-notch performance surpassed the $3,800 price level with 7.74% gains over the last week. The altcoin on the other hand is showing the potential signs to go hand in hand with Bitcoin.

Analyst Predicts Ethereum to Surge Beyond $11k! 

Popular crypto analyst Micheal Van de Poppe made an exciting prediction for the altcoin. He said ETH/USDT trading pair is retesting at a very crucial resistance between $3.8k to $4k, break out could give a rapid boost to the price action. He added altcoin is partially reflecting the footsteps of Bitcoin as it has previously done in 2017. Hence, according to the analyst, the asset could range between $6k and $8.7k in the upcoming bull run.  

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He went on to say if the digital coin closes major Fibonacci levels of 3.618 and 4.618 then the asset could take an upswing varying between $11.3k and $14k. Further, addressing Bitcoin’s recent bull rally, he manifested that if it continues to rally by 20% more, then Ethereum could follow and leg up by 10%. On the contrary, the analyst mentioned a strong support area for the altcoin between $2.9k and $3.3k

Ethereum Breaks Double Top Pattern!

The second-largest crypto-asset experienced a phenomenal increase in the weekly trade volume of 7.03%. At present, the altcoin is in a strong consolidation phase around $3,863. There seems to be a lack of FOMO as the selling pressure is pretty dominant. In a one-hour chart, there are a considerable number of red candles.

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If the buyers come forward showing interest in the asset then the asset is anticipated to surpass a major resistance level of $4,042. On the flip side, the asset could fall well below $4,000. A comfortable support zone for the asset could be between $3,500 and $4,000.

On the other hand, the total value in the ETH 2.0 deposit contract recorded an ATH of over $30 trillion. As the upgrade is programmed to launch any time soon. This could act as a major catalyst in the coming days. Hence, the altcoin has the strong potential to reach new highs.

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Top Analyst Predicts 200% Boom for Ethereum Over Bitcoin – But Issues Warning to Crypto Traders Considering Altcoin Markets

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A widely followed crypto analyst sees a volatile Q4 ahead for altcoins but thinks Ethereum will end the cycle with a massive run against Bitcoin.

Crypto strategist Michaël van de Poppe tells his 443,3000 Twitter followers that it is within the realm of possibilities for Ethereum to rally 200% against Bitcoin (ETH/BTC) in the coming months.

However, he warns that BTC may take over the markets at the expense of altcoins until December. According to the trader, December is historically is the month to buy digital assets other than Bitcoin.

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“December is often the best period to buy altcoins.

If history repeats, we might be getting a run of 200% on ETH/BTC towards the ATH (all-time high) region from there, but first, a heavier correction while Bitcoin does well.”

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Source: Van de Poppe/Twitter

Although Van de Poppe is short-term bearish on altcoins, he believes the digital assets will eventually follow Bitcoin’s lead.

Taking a closer look at Bitcoin, Van de Poppe plots the price action of the top crypto asset for the coming weeks.

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“We still are not seeing too much strength on the altcoin market. So, it’s still not the right time to be in them, and I’m assuming we’re still going to see strength on Bitcoin for the coming weeks in the scenario that I’ve made here in which a test of $70,000 is most likely going to take place within a month from now before we get a final corrective move, retest of the range [$59,405-$61,213] that we’ve been cracking through before we’re going to test a new all-time high region and going to finalize this entire bull cycle.”

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Massive drop in Ethereum exchange reserves signals imminent supply shock, ETH eyes $8,000

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  • Over 400,000 ETH was pulled out of Coinbase, dropping exchange reserves and driving a supply crisis.
  • Average Ethereum gas fees stay above $20 due to an increase in pressure from smart contracts on the network’s blockchain. 
  • Analysts who are bullish on Ethereum expect ETH price to cross $5000 in an upward climb. 

Institutional investors are bullish on Ethereum with rising capital inflow. Ethereum reserves across exchanges have dropped as outflow increases. 

Coinbase notes massive Ethereum exchange outflow

Coinbase noted a withdrawal of 400,000 Ethereum tokens, and according to community-driven crypto platform CryptoQuant, it is likely that the outflow was institutional activity. Analysts expect a bullish impact on ETH prices. 

400,000 Ethereum tokens are the equivalent of $1.5 billion, withdrawn from the second-largest cryptocurrency exchange. The exchange outflow indicator is considered a sign of increased outflow and a supply shortage in Ethereum. 

Ethereum Exchange Outflow

Ethereum Exchange Outflow.

Ethereum has posted over nearly 20% gains in the past two weeks. 

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Interestingly, there is a spike in whale activity on the Ethereum network. Over $188 million worth of Ethereum was moved between two anonymous cryptocurrency wallets in a single transaction. 

A mysterious whale initiated the transaction, and it was sent to an unknown recipient. The details of the transaction are as follows:

Whale activity on the Ethereum Network

Whale activity on the Ethereum Network.

With news of Bitcoin ETF getting approval by the Securities & Exchange Commission next week, experts are awaiting Ethereum’s turn. Analysts are of the opinion that following Bitcoin ETF approval, capital inflow to Ethereum and altcoins will increase. 

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Pseudonymous cryptocurreny trader and analyst @jroberts3334 has set a target of $8000 for Ethereum for February 2022. 

Simon Dedick, Managing Partner of Moonrock Capital, is bullish on Ethereum; he tweeted:

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FXStreet analysts have evaluated the ETH price trend to analyze where altcoin is headed next. Analysts have set a target of $5200 for ETH price. 

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