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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Sep 11, 2023 07:56 UTC
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ETH Price Analysis: Will ETH Price Crash 7.5% Or Cross $2000?
Ethereum faces a pivotal moment with a potential falling wedge pattern.
Strong buying at current levels could signal a bullish reversal, targeting a 13.40% rise.
A breach below current support could see Ethereum slide to $1491 or even $1360.
Ethereum, the biggest altcoin in the industry, has recently been at the center of much speculation and analysis. Currently trading at $1612, Ethereum price has seen a minor intraday decline of 0.28%.
A closer look at the ETH price trajectory reveals a sideways trend, with the coin finding solace in the demand belt that spans from $1613 to $1643.
The past few weeks weren’t particularly kind to the ETH price action. Upon approaching the coveted $2000 psychological mark, Ethereum price faced a sudden upsurge in supply. This resulted in a steep 19.62% decline over the past 60 days. This decline led to a “death cross” on the daily chart.
Adding to the complexity is forming a falling wedge pattern in the Ethereum price chart. Traditionally viewed as a bearish signal, this pattern hints at a potential continuation of the downtrend.
However, lower price rejections at the current support level indicate the potential for a bullish turnaround.
If Ethereum’s price manages to bounce back, it will retest the broken support trendline of the 2023 bull run. Such a rebound could translate to a refreshing 13.40% rally, ensuring that the ETH price remains on an upward trajectory.
Technical indicators:
RSI: The daily RSI line is in a lateral movement, as it hovers just above the oversold territory.
MACD: The MACD and signal lines are in a tight sideline move, grappling to maintain a bullish alignment.
Will Ethereum Prices Cut Through $2000?
Turning our gaze to potential price targets, a bearish breakdown could push Ethereum down to $1491—a decline of 7.5%. Ethereum could further slide to the next support checkpoint at $1360 if the bears maintain their rally.
Conversely, the path to redemption for the bulls lies through two significant resistance barriers at $1800 and $2000.
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