Price Analysis

Ethereum(ETH) Price Could Drop Below $3500, Still $6000 Remains the Target for Q1 2022

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 31, 2021

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Highlights

    Ethereum price fell into a deep bearish well and slashed close to $3600, yet the buyers quickly jumped-in to accumulate more

    Yet the current retracement appears to be short-lived as the lower levels close to $3500 could be well in place

Ethereum is currently attempting to recover a slight increase in its price in order to regain its lost position above $4000. However, despite the declining selling volume, the asset is still unable to initiate a recovery phase. Yet the trend is expected to change in the next couple of days, but woefully, the end of the year 2021 could be pretty bearish.

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However, before thriving the 2022 trade, the asset could plunge back to levels around or below $3500 before pulling the next leg. The ETH price is currently testing one of the support levels, hovering just above $3700 levels. And hence attempting to get uplift to the initial resistance levels very soon. 

Ethereum (ETH) Price To Hit Thie Level in 2022

Despite an acute price squeeze hovering around the asset, yet Ethereum is poised to hit $6000 in the very near future. It’s very obvious that the patterns tend to repeat every now and then. Currently, a key pattern suggests that a massive surge is fast approaching. 

The ETH price during the September drop had slashed down-trending with a descending channel. However, a notable rally of nearly 70% was encountered further for the next 2 months to mark the highest ever levels very close to $5000. Woefully, the price slashed miserably and visited the lower levels yet again further showcasing a similar pattern. And hence if it flips current and follows the same pattern, then the asset could hit a minimum of $6000 in the mid of Q1 2022. 

Collectively, the end of the yearly trade of 2021 is said to be pretty bearish for most of the crypto assets in the market. Yet the technicals and the patterns showcase a huge possibility of spiking to the highest extent in Q1 2022. And hence Ethereum(ETH) price along with Bitcoin(BTC) price could reach their previous positions in the short term.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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