ETH Price Prediction: Will ETH Break $4,250 or Fall Below $3,850?

Ethereum Price Prediction: Can ETH Hold $3,850 or Rally Past $4,250?

Ethereum price has continued its downward movement as the broader crypto market faces renewed selling pressure. ETH has fallen below the $4,100 mark, reflecting a 5% market-wide pullback. This decline highlights ongoing investor caution amid a cooling market. Bitcoin, XRP, and BNB have also posted notable losses.

Ethereum Price Holds Firm Above Key Support Amid Bearish Trend

According to a crypto analyst, the price is staying above its critical support of 3,850. This is an important obstacle in the defense, which discourages further under-pressure effects of recent trading periods.

The analyst indicates that the next significant resistance is close to $4,250, and the re-taking of the position would lead to a temporary bullish turnaround. A long-term upward trend can welcome new purchasing attention and assist Ethereum in recovering an upward movement.

Nevertheless, analysts warned that Ethereum is expected to encounter more volatility and a risk of further decline if the currency cannot maintain support at $3,850. The loss of this level could lead into the way of more profound retracement areas at the levels of about 3,650 and below.

ETH Nears Bearish MACD Crossover Warning

Crypto analyst Ali has placed another warning regarding the price; in his view, the cryptocurrency is almost about to experience a bearish MACD crossover on its weekly chart. This technical indicator can be used to predict possible negative price movement.

Ali argues that the two occasions of the same pattern in the past resulted in major corrections of the value of Ethereum. During those occasions, it dropped by about 43 percent and 61% in terms of the token, respectively.

Ethereum Sees Major Institutional Buy as Bitmine Acquires $418 Million in ETH

Bitmine has already taken an important step into the cryptocurrency market and has bought 418 million dollars of Ethereum earlier today.

Exchange statistics reveal that there are several huge transactions of ETH between wallets associated with Kraken and BitGo. Blockchain analytics prove that millions of dollars in Ethereums have been transferred to what analysts assume are wallets controlled by Bitmine.

These transactions, as pointed out by market observers, show more than $418 million of a total Ethereums acquisition in a number of huge transactions. The traders have taken an interest in the activity as a pointer of institutional accumulation.

ETH Holds Steady Near $4k Amid Market Consolidation

As of the reporting, the ETH price traded at $4,040, reflecting a 2% decrease. According to the 4-hour chart, it is failing to push past the resistance of $4,300, which has limited several recovery attempts this week. The nearest support is close to $3,800, which serves as a defense against the additional decline of the price.

The MACD indicator is now reflecting a tightening bearish momentum. The signal line is slightly above the MACD line, which indicates that there is no strong buying power, but in case momentum improves, the signal line might go across the MACD line.

Source: ETH/USD 4-hour chart: TradingView

In the meantime, the RSI (Relative Strength Index) is at approximately 47, which is the neutral sentiment of the market.

In the case of ETH price crossing above $4,300, the target may be close to $4,500. On the other hand, a fall below the level of $3,800 can herald a further correction down to the level of $3,600.