Ethereum Price Prediction: ETH eyes $1,500 but waits for BTC’s signal
- Ethereum price continues to stay between the $1,423 and $1,282 ranges, hinting at a lack of volatility.
- Investors should expect a volatile move, potentially up to $1,423, as a new week begins.
- A four-hour candlestick close below $1,282 will invalidate the bullish thesis for ETH.
Ethereum price shows a lack of involvement from investors, which can be explained by the low trading volumes over the weekend. However, the price action from September 19 seems to be stuck between two crucial levels.
Ethereum price looks ready to launch
Ethereum price has collected the liquidity resting below the October 5 equal lows formed at $1,315 on October 8. This spike in selling pressure collected the sell-stop liquidity, triggering a quick reversal move that pushed ETH up by 2.7% to where it currently trades - $1,329.
Going forward, investors can expect Ethereum price to attempt a 4% run that collects the buy-stop liquidity resting above October 5 swing highs. In some cases, this move could extend higher and retest the upper limit of the consolidation at $1,423.
Although unlikely, if Ethereum price flips the $1,423 hurdle into a support floor, this bullish move could extend to $1,571, which would constitute a 17% gain for investors.
ETH/USDT 4-hour chart
While things are looking up for Ethereum price, a sell-off in Bitcoin price could reflect a similar fate for ETH. In this situation, if Ethereum price produces a four-hour candlestick close below the lower limit of the range at $1,282, it will invalidate the bullish thesis and potentially trigger a sell-off to the $1,234 to $1,191 demand zone.
Author
Akash Girimath
FXStreet
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.
