Ethereum Price Prediction: A Pullback Could Precede Any Further Advances

Published by
Written By: Eno Eteng (MSTA)
Reviewed By: Eno Ikenna Eteng
Share
    Summary:
  • Ethereum price prediction bets for further upside moves have cooled a bit, after price of the ETH/USD pair stalled at the 3167 mark.

Ethereum price predictions bets for a further advance on the ETH/USD pair have cooled off a bit, as the price has found the attempt to break past $3167 a little too hard in recent days. However, crypto whales have recently moved over $1.4 billion worth of Ethereum, and open interest on ETH swaps has attained the $8billion mark.

A report also indicates that following the implementation of the EIP-1599 hard fork, more than $5 billion worth of Ethereum could be burned within a year as part of the proposal’s mechanism to burn a part of transaction fees. ETH/USD currently trades 0.95% lower.

Ethereum Price Prediction Outlook

Ethereum has stalled at the 3167 price target that I identified in one of my articles last week. A pullback from this level could first touch off 2940.68 before 2671.80 comes into view. From here, we could have a bounce or the price could drop even further to the previous neckline of the completed double bottom at 2378.30.

On the other hand, an advance beyond 3167.12 targets the 6 May high at 3428.58 initially, before 3604.17 comes into the picture if the passage continues. This move will likely follow a pullback and bounce from support levels below 3167, rather than a straight break from present levels.

ETH/USD: Daily Chart

Follow Eno on Twitter.

Written By: Eno Eteng (MSTA)
Reviewed By: Eno Ikenna Eteng

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.

Published by
Written By: Eno Eteng (MSTA)
Reviewed By: Eno Ikenna Eteng