Ethereum Price Prediction, Critical Crossroads: Hold or Burst

Are the Ethereum Bulls expected to maintain the $1530 support level?

As selling pressure intensified in the altcoin market, Ethereum saw a significant drop in its price trajectory, retreating abruptly from the $1750 resistance level. This decline, which transpired over just two weeks, resulted in a 11.70% loss and nullified all the gains made in September.

Ethereum's Price Teetering on the Edge of a Massive Plummet!

Ethereum is under significant selling pressure, struggling to hold above $1,530 after briefly surging to $1,750 following the approval of Ether futures ETFs. It's currently below key moving averages, and if $1,530 support is lost, a potential trend reversal signaled by a falling wedge pattern could come into play, with the next support around $1,450. A recovery might occur if bulls defend $1,530, aiming for $1,600, possibly signaling a breakout towards $1,800 and beyond $2,000.

Technical View:

According to Coingabbar Price Analysis, Ethereum is currently consolidating above $1,530, and it's crucial for the bulls to defend this support to prevent a significant decline. The price has been following a downward trend and formed a descending wedge pattern on the 4-hour chart. However, Ethereum recently found support at $1,500, leading to sideways movement between the $1,530 support and $1,750 resistance. In the mid-term, Ethereum is likely to continue this sideways consolidation until a breakout occurs, which will determine its future trend.

KEY LEVELS :

RESISTANCE LEVEL : $1,580-$1,610

SUPPORT LEVEL : $1,520-$1,470

Is Ethereum Headed for More Downward Pressure This Week? Market Cap Shrinks - ETH Recovery at Risk. Can $1,550 Hold Strong? What's Next: Breakout or Breakdown? Please share your opinions in the comment section below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.