|

Will Ethereum price slide to $1,350 over the weekend?

  • Ethereum price currently hovers around $1,536, which is the the midpoint of the $1,479 to $1,593 range.
  • A minor run-up to $1,593 could be possible but the altcoin remains bearish and eyes a revisit of $1,350.
  • A daily candlestick close above $1,633 level will invalidate the bullish thesis for ETH. 

Ethereum price has consistently performed better than Bitcoin in the recent past, but this outlook could be coming to an end. Investors can expect ETH to trigger a correction to stable levels. Market participants should note that this is a short-term bearish move and will provide patient buyers a chance to accumulate the altcoin for the long term.

Ethereum price shows weakness

Ethereum price rallied 32% between October 21 to 29 and set up a local top at $1,663. This swift ascent has already produced a string of lower lows after October 29, but ETH is yet to produce a significant market structure shift by sliding below the October 28 swing low at $1,479.

The consolidation of Ethereum price from October 28 has resulted in a range, extending from $1,479 to $1,593. after a range high deviation, ETH is currently hovering around the midpoint at $1,536. Interestingly, the momentum indicator Relative Strength Index (RSI) has slid below 50, which indicates that the sellers are in control of the narrative.

Investors can expect Ethereum price to sweep the range low at $1,479, which is the low-hanging fruit traders can take advantage of. However, a continued sustenance below this level could trigger a rebalancing of the inefficiency between $1,446 and $1,349.

Traders can be conservative and book profits at $1,389 and/or $1,364 support levels. This downward move in Ethereum price would roughly constitute a 10% gain for the bears.

ETHUSDT 4-hour chart

ETHUSDT 4-hour chart

While things are looking dicey for Ethereum price, a persistence above the range’s midpoint at $1,536 followed by a flip of the $1,633 hurdle into a support level will invalidate the bearish thesis.

This retaliative move could indicate that the buyers in control and would likely propel Ethereum price to $1,708.

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.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.