Ethereum Price Prediction: ETH sets the stage for a rally above $1,500

Ethereum price has shown incredible strength as it tore through the $1,195 resistance level.
Although a minor retracement is underway, ETH continues to aim for a retest of the $1,400 hurdle.
A daily candlestick close below the November 28 swing low at $1,151 will invalidate the bullish thesis for the smart-contract token.

Ethereum price performance over the last few days has been incredible as it breached critical hurdles. This move occurred when Bitcoin was consolidating, hinting at the underlying strength of ETH buyers.

Ethereum price plans for the future

Ethereum price has not looked back since it formed a buy signal on November 22. So far, this trend reversal has resulted in a 15% upswing that has allowed ETH to sweep buy-stop liquidity above $1,290.

While a retracement is underway, it is nothing to worry about. In fact, interested investors should be looking to buy the dip as long as Ethereum price stays above $1,195. In such a case, a consolidation followed by a spike in buying pressure could propel ETH to equal highs at $1,350.

This thrust could exhaust the bullish momentum, but ideally, Ethereum price could extend up to the $1,400 psychological level. Traders can consider booking partial profits at this level and call it a day.

However, Bitcoin price looks strong from a mid-to-long-term outlook, therefore, the chances that Ethereum price will stop its rally at the psychological resistance is unlikely. The logical place to book profits for ETH longs would be at the retest of the $1,545 hurdle.

This move would constitute a 30% gain from $1,195 and could signal a temporary top formation.

ETH/USDT 1-day chart

While things are looking up for Ethereum price, a spike in selling pressure could see ETH slide lower, especially if Bitcoin price fails to cease its selling pressure.

If Ethereum price produces a daily candlestick close below the November 28 swing low at $1,151, it will create a lower low and invalidate the bullish thesis for the smart-contract token. Such a development could knock ETH down by 7% to retest the $1,073 support level.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.