Analyst Identifies Structural Retest in Ethereum Price Prediction

Ethereum Price Prediction: ETH Eyes $4.5K Next Wave

Analyst Crypto Caesar recently posted one potentially critical structural aspect on the Ethereum Price Prediction weekly chart, which is the need to maintain a position above the breakout area between $3,950 and $4,050. 

The chart is plainly an order of historical break-of-structure (BoS) and change-of-character (ChoCH) moments, where the accumulation phase is seen to shift to the expansion phase. 

Source: X

Caesar noted that a structural drop at this neckline would drag ETH back into the previous consolidation zone of $2850-$4050, and this would undermine the overall uptrend. Protecting this region would, however, provide an elevation in the continuation indicator of the following increase in the direction of $5,500-$6,000. 

The analyst argued that as long as Ethereum Price Prediction can cooperate at this important level, then the current crypto market bias is positive, and that the market can continue to get higher as long as structural integrity is maintained.

Elliott Projection Supports Bullish Ethereum Price Prediction

An Elliott wave-based analysis was provided in Elliott Wave Projection, by analyst BigBullMike7335, indicating that the Ethereum Price Prediction forecast was in a sub-micro wave 4 correction of a bigger impulsive wave. 

His analysis suggests that ETH retracing towards $4,100 is a normal wave 4 pause, shallow and sideways, followed by a final wave 5 rally. In order to verify this short-term correction, Fibonacci retracements and time cycles agree ahead of a possible move toward the resistance of $4,430–4,550.

Source: Twitter

The stochastic RSI is a momentum indicator indicating that there is temporary exhaustion around $4300, and the rise in buy volume between $4050-$4100 supports the argument of new strength. 

The fifth leg is an extension pattern of the wave, which in turn projects the wave structure and might push ETH to an overall higher position in case of volume acceleration during the breakout conditions. A bullish succession of macro waves.

Ethereum Price Prediction Supported by Open Interest Stability

Ethereum price prediction at the time of writing indicates that ETH will be around $3,980, and it can be said that the coin is making little fluctuations in its daily movements as it consolidates following a volatile October. 

The asset trades between $3,950 and $4,200 in a tight range, indicating that the market is at equilibrium in accumulation and profit taking. 

                  Source: Open Interest 

Aggregated Open Interest (OI) data introduces another level of clarity in the market positioning. OI has settled at $20.2 billion after reaching highs of almost $30 billion in late August, which points to a less speculative leverage and a healthier derivatives market. Traditionally, these stabilizations happen before bigger movements in the form of repositioning of capital to continue the trend.