2023-12-20 17:18 |
Ethereum (ETH) is up 4% today, trading around $2,250 at press time. The recent price action has sparked much discussion among analysts regarding ETH’s outlook.
HypeManAlex, an analyst with over 50k Twitter followers, posted a bullish prediction on TradingView: “ETH is forming bullish patterns on the chart; there are also short liquidations the whales will try and liquidate. ETH retested support at $2000 and since then has bounced. Bitcoin and Ethereum ETF talks and more bullish sentiment in the markets could see prices explode to $2650 soon. I am currently LONG.”
In other words, HypeManAlex sees technical and fundamental reasons for ETH to continue its upward trajectory. Specifically, he points to bullish chart patterns, potential for short squeezes, established price support, and positive market developments like ETF speculation. His price target of $2,650 represents nearly a 20% upside from current levels.
Sypool, a crypto trader on TradingView, provided more measured analysis recapitulating ETH’s price action last week. On Tuesday last week, the U.S. Department of Labor released the CPI for November, and the CPI dropped further. At Wednesday’s FOMC press conference, Powell said that although the possibility of raising interest rates will be retained in the FOMC report, for him, the interest rate hikes are basically over, and various factors will be considered in subsequent monetary policy adjustments.
This less hawkish tone from the Fed supported a crypto market rally. However, Sypool sees weaknesses in ETH’s outlook: “ETH maintained a decline with fluctuation last week. We can see that the fluctuations made it reach the given resistance level and the given support level, but did not break through them. Relative to BTC, ETH has higher trading volume, but the bulls are weaker.”
He added: “Switching to the 4h level, the situation of ETH is not good. Although there are consecutive green candles, hardly whales to be seen on the WTA indicator, and retail investor participation is also decreasing. On the ME indicator, the purple wavy area is close to disappearing. The current rally is fragile.”
Sypool notes that while there have been several consecutive green candles on this chart, indicating rising prices, the rally looks fragile for a few reasons:
Hardly any whale wallets (large ETH holders with outsized impacts on price) are seen accumulating ETH right now based on his proprietary WTA indicator that tracks this. Retail investor participation is decreasing as well based on volume and other factors. So the buying pressure fueling this bounce is tapering off. On his custom ME momentum indicator, the purple “wavy area” is close to disappearing. This suggests bullish momentum is waning in the near term.So, Sypool sees the current ETH price rally as lacking substance because both whale and retail buying pressure appears to be decreasing. And his own momentum indicator flashes warning signs of a rally running out of steam. So without renewed fundamental catalysts, he expects this fragile bounce to roll over into further declines.
Odds of Ethereum Correcting Lower?Given the conflicting analyst takes, what are the actual odds of an Ethereum correction? There are reasons to be cautious in the near term. As Sypool noted, ETH has struggled to break key levels and bullish momentum is slowing based on some indicators. Whales also appear hesitant to push the price higher.
However, the long-term setup remains decidedly bullish thanks to major potential catalysts like Ethereum ETF approval. Top asset manager BlackRock and others have filed for such products, which would unlock huge institutional inflows.
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The post Ethereum (ETH) Price Faces Uncertainty Because of These Indicators; Meme Kombat Brings Opportunity appeared first on BeInCrypto.
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