Ethereum: Will It Rise to $2,800 or Crash to $2,500? Considerations to Consider
Contributor
- At press time, ETH was trapped in a 4-hour symmetrical triangle and did not show a clear directional trend.
- On-chain data suggested that a possible rally could be imminent.
Ethereum [ETH] trading activity remained muted, with only a slight price increase of 2.45%. The current trading price is around $2,600.
This price behavior is typical when an asset is trading inside a symmetrical triangle – a pattern characterized by converging diagonal upper and lower lines.
Historically, similar trading patterns have often resulted in significant price movements, either upwards or downwards.
Analyst Forecast for ETH
In a recent tweet, crypto analyst Carl Runefelt highlighted that ETH is at a crossroads and faces a decision that could either trigger a decline to new lows or push it to new monthly highs.
Runefelt published a 4-hour chart outlining possible price targets depending on ETH’s direction:
“Potential bullish target: $2,800
Potential bearish target: $2,350.”
Given the critical point ETH is at currently, further analysis has been initiated by AskFX to identify additional confluences.
‘In the money’ traders can push ETH higher
AskFX has analyzed whether traders with profit (in the money) or loss (out of the money) using the In and Out of Money Around Price (IOMAP) indicator can influence Ethereum’s price direction.
“In the money” indicates trades are currently profitable and act as support zone while “out of the money” denotes unprofitable trades acting as resistance. According to IntoTheBlock,
ETH has bounced off the $2,597.37 support with transactions involving 2.39 million addresses holding over $8 billion in ETH.
This level is crucial for potentially pushing the price higher despite significant resistance from out-of-the-money traders expected at $2,677.33,
$2760.00 and $2831.77.
Although these resistance levels are challenging,present bullish momentum suggests
the potential for Ethereum to trend toward or exceed $2800 at press time․
Buyers are interested in ETH
Momentum among Ethereum traders continues building as indicated by Moving Average Convergence Divergence(MACD).
This tool tracks relationships between two moving averages of
ETH prices identifying changes in momentum & direction․Recently MACD signaled bullish crossover suggesting buyers actively entering market pushing prices further high.
Additionally,Ethereum’s momentum increased MACD trending positively indicating high probability for additional increases․
Is your portfolio in black?Check out teh Eth profit calculator․The Chaikin Money flow(CMF)
supports thisbullish prediction since August18,suggesting buying pressure increasing & if continues it could push eth towards
the$2800more..Source:xl TradingView.
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