Ethereum (ETH) price paused the uptrend after lifting to $1,900, resulting in profit-taking activities among traders. The largest smart contracts token has in the last 24 hours decreased by 2.4% to trade at $1,866 alongside a 6.4% dip in the trading volume to $8.2 billion and a subsequent 1.5% drop in the market cap to $224 billion.
advertisement
A higher support is anticipated above $1,800 as Ethereum collects liquidity for the next breakout above $2,000. For now, it might be prudent to let the consolidation play out before betting on either longs or shorts.
Ethereum Price Bullish Scenario – Bull Flag Pattern
The weekly chart highlights the formation and validation of a bull flag. This is a bullish flag pattern, formed by a couple of price rallies set apart by a consolidation period.
The flagpole represents the bullish muscle blindsiding sellers who then briefly assume control over the price (the channel), as profit-booking takes place, but eventually, the price breaks out to a higher level.
In Ethereum’s case, the bull flag breakout has already been validated. However, due to the resistance at $1,900, buyers lack the momentum to complete the 49.44% breakout target of $2,678.
With Ethereum price holding above all three moving averages, including the 50-week Exponential Moving Average (EMA), the 100-week EMA, and the 200-week EMA, the uptrend has a higher chance of resuming than a correction taking place below $1,800.
Traders should be on the lookout for how Ethereum price responds to the support provided by the 100-week EMA (blue) at $1,806. A retest of this support could prove highly bullish and trigger a larger breakout.
However, trading below $1,800 might be detrimental to ETH price as it may discourage traders from booking new long positions afraid of capitulation. Below $1,800, the next key support areas are the 50-week EMA (red) at $1,757 and the 200-week EMA (purple) at $1,633.
Finder Analysts Predict Ethereum Price Rise To $5.8k By 2025
Finder, a platform that brings together predictions from different industry leaders, has predicted a potential surge in Ethereum price to $5,800 by 2025.
“On average, our panel thinks Ether (ETH) will be worth US$1,840 by 2023 before rising to US$5,824 by 2025 and then US$14,411 by 2030,” Finder’s latest report states.
Meanwhile, Ethereum is expected to close the year at $1,840 based on the average prediction of the panel of 31 crypto industry specialists. The panel appears to have changed its tune toward the bearish side, following a previous optimistic prediction of $2,451 in July.
Ethereum price predictions for 2023, 2025 and 2030
Post Disclaimer
The information provided in our posts or blogs are for educational and informative purposes only. We do not guarantee the accuracy, completeness or suitability of the information. We do not provide financial or investment advice. Readers should always seek professional advice before making any financial or investment decisions based on the information provided in our content. We will not be held responsible for any losses, damages or consequences that may arise from relying on the information provided in our content.