Ethereum Price Forecast: Will ETH Overcome the $2,548 Barrier?
The price of Ethereum rose above $2,500 and then bounced back above the $2.447 support zone. The increase was a new monthly high and raised expectations for a larger rally, driven by optimism and a brief departure from Bitcoin’s hegemony.
Gianni Pichichero, a cryptocurrency analyst, claims that institutional buying was responsible for the Monday and Tuesday closing. The breakthrough was set up by Tuesday’s high, but by Wednesday, the impetus had slowed.
The week’s first red daily candle appeared on Wednesday, then on Thursday, it fell back into early week territory. The majority of the week’s profits were lost due to the reversal.
Bearish Momentum Indications of a Potential $2,400 Retest
By Friday, Ethereum was battling below the $2,700 barrier and below the $2,500 short-term support. Pichichero identified several bearish indicators that were getting stronger:
Red candles that appear consecutively on the daily chart
Restoring the price to the weekly range
Patterns of reversal, such as double tops
declining volume, indicating a decline in buyer interest
Any short-term rebound should be treated with suspicion, he advised. Rallys are exit chances rather than new entries if there is no volume or bullish candlestick confirmation. If support fails, the key to watch is $2,400, which would represent an 11% decline from the previous week’s peak.
Bulls Target $2,548 for Breakout Confirmation
The weekend offered some vitality. At $2,495 ETH/USD recovered from the 0.236 Fib and surpassed $2,500. At $2,510, the price is currently challenging the 50-period EMA, which has served as resistance during the decline.
Candle construction is getting better—bigger bodies, smaller wicks—and consumers might be taking charge. The trendline from $2,649 and the 0.5-0.618 Fib zone ($2,549-$2,572) are the two resistances that ETH is challenging. $2,606 and $2,649 could become available if the price closes over $2,549.
Establishing a Trade:
Close above $2,548 for entry
Goals: $2,609 and $2,606.
Limit of loss: Less than $2,494
Beginners: Stairs are analogous to Fibonacci levels. After falling and finding support, ETH is attempting to rise. However, there is still a chance that it will drop unless it closes above $2,548,
Disclaimer and Risk Warning
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