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Ethereum Price Prediction: ETH bulls pause bear market rally to $1,400 on account of Thanksgiving

  • Ethereum price shows a slowdown in momentum as it approaches the $1,187 resistance level.
  • A successful flip of this hurdle is necessary for market makers to collect liquidity resting above the $1,290 and $1,350 levels.
  • If ETH produces a daily candlestick close below the $1,067 support level, it will invalidate the bullish thesis. 

Ethereum price has stopped in its tracks as it approaches a critical hurdle. The drop in momentum can be attributed to Bitcoin’s slump in buying pressure. Regardless, a decisive flip of the immediate barrier could trigger a minor run-up for ETH.

Ethereum price remains focussed on its target

Ethereum price rallied 7% after the Momentum Reversal Signal indicator flashed a buy signal on November 22. This crucial signal, along with a bullish divergence, was noted in our previous publication. As ETH hovers below the $1,187 hurdle, investors should note that there is a decline in momentum due to the holidays in the US.

This outlook might continue as the weekend approaches, but Ethereum price traders should await a flip of the $1,187 hurdle into a support floor to make a move. If successful, ETH can make its way to equal highs formed at $1,290 and $1,350. 

A sweep of the buy-stop liquidity could trap short sellers and induce a spike in buying pressure that could potentially propel Ethereum price to tag the $1,400 psychological level.

ETH/USDT 1-day chart

ETH/USDT 1-day chart

While things are looking up for Ethereum price, rejection at $1,197 followed by a daily candlestick close below $1,073 will create a lower low. This development will invalidate the bullish thesis for ETH and catalyze a spike in selling pressure.

Such a move could see Ethereum price revisit the equal lows at $998.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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