Ethereum Price Prediction: How ETH traders can target the low-hanging fruit

Ethereum price continues to consolidate between two crucial barriers with no signs of breaking out. This development could change as ETH has slithered close to breaking below a stable support level.

Ethereum price hatches a plan

Ethereum price has been stuck trading between the $1,440 and $1,280 barriers since September 18. As mentioned in the previous article, ETH continues to trade extremely close to the lower limit and a further sell-off in Bitcoin price could trigger a breakdown.

If Ethereum price slices through the $1,280 support, it is likely to revisit the September 21 swing low at $1,220. This development will complete the triple-tap setup. This technical formation contains a deviation below a previously formed swing low. After this sweep, the asset usually attempts a rally but fails, resulting in a retest of the first swing low.

The rally that emerges after retesting the first swing low often targets the buy-stop liquidity resting above. In this case, Ethereum price is yet to produce the last leg; if successful, this setup is likely going to propel ETH higher by 10% to sweep the first equal high at $1,343.

If the momentum persists, Etheruem price could tag the next set of equal highs at $1,402 and target the buy-stop liquidity above it. This move would constitute a 15% gain from the $1,220 support level.

ETH/USDT 1-day chart

While this outlook for Ethereum price paints a bullish picture, ETH needs to bounce off the $1,220 support level. If buyers fail to step up here, it could lead to a daily candlestick close below the aforementioned level, which will invalidate the bullish setup.

In such a case, Ethereum price could slide lower and find support at the $1,200 psychological level.