Ethereum Price Prediction, Will Bulls save the day
- Ethereum has maintained a bullish trajectory over the past weeks, consistently staying above the crucial $2,000 support level.
- Presently, Ethereum is exceeding both the $2,050 threshold and the 50-hourly Simple Moving Average.
- The possibility of Ethereum initiating a 5-wave impulse suggests the potential for a robust recovery.
Ethereum faced a downward correction after reaching $2,135
According to Coingabbar Technical Analysis, Ethereum's recent upward trend faces resistance around the $2,150 mark, stalling its bullish momentum.
A daily chart reveals a consolidation phase near $2,000, with a rejection from the $2,150 level. A breach of $2,000 could signal a double-top pattern and a potential deeper decline.
Ethereum's recovery since mid-October aligns with the Elliott Wave Theory, featuring peaks, corrections, and a recent 7-month high at $2,137.
Current 4-hour chart analysis shows Ethereum declining below $2,050, posing a risk of further downsides below the $1,970 support zone.
A crucial bullish trend line at $1,970 on the 4-hour chart suggests a potential support level amid the ongoing price decline.
The 4-hour chart also reveals a triangular pattern, a classic continuation signal, indicating potential future price movements.
KEY LEVELS :
RESISTANCE LEVEL : $2,050-$2,100
SUPPORT LEVEL : $1,980-$1,930
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.
