After a significant correction, Ethereum has initiated a rebound, which already seems threatened. Let's take a look at future prospects for ETH.
After a substantial correction, Ethereum has shown signs of recovery, but these seem to be fading away rapidly. Let’s analyze the future prospects for ETH.
Ethereum (ETH) Price Analysis
Following a brief rebound at the $2,800 support, Ethereum reached a peak of around $3,600. However, selling pressure emerged at this level and intensified during “Black Monday,” causing a 40% drop. The cryptocurrency breached its support and marked a new low at $2,100, which corresponds to support established at the end of 2023. Luckily, buying interest emerged at this level, enabling ETH to rally back up to $2,800.
At the time of writing, the price of Ethereum is trading around $2,400. The cryptocurrency appears to be facing selling pressure, which is weighing on its price and hindering efforts to change the short-term structure, which remains bearish. As for the medium and long-term trend, while it is theoretically bullish, it is still uncertain. Notably, Ethereum has fallen below its 50 and 200-day moving averages, both of which have crossed downwards. On the momentum side, we can observe a last rebound that seems to be holding for the moment, as indicated by both ETH and its oscillators.
This latest technical analysis was carried out in collaboration with Elie FT, an investor and passionate trader in the cryptocurrency market. Now a trainer at Family Trading, a community of thousands of proprietary traders active since 2017. You will find Lives, educational content, and support around the financial markets in a professional and friendly atmosphere.
Ethereum (ETH) Price Forecast Conclusions
Despite some attempts at a rebound, selling pressure is keeping the short-term trend for Ethereum bearish. The medium and long-term trend remains uncertain, with mixed signals on its current momentum. It will therefore be crucial to closely monitor the price reaction to key levels to validate or revise current forecasts. It is also important to stay vigilant against potential “fake outs” and market “squeezes” in each scenario. Finally, let’s remember that these analyses are based solely on technical criteria and that cryptocurrency prices can also evolve rapidly due to other more fundamental factors.
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Family Trading is a Community of proprietary traders active since 2017. They offer Lives, educational content and support around the financial markets including cryptocurrencies with, at their side, Elie FT, an investor and passionate trader on the crypto market.
