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Ethereum Price Forecast: The Chart Analysis May Indicate the Final Dip Before a $2000 Leap


Ethereum Price Prediction: The overhead supply could pressurize the ETH price for a major correction

Published October 28, 2023

Ethereum Price Prediction: In the past two weeks, the Ethereum price has mounted an impressive comeback, rising from $1,527 to a peak of $1,867—a 22.6% surge that has allowed it to reclaim crucial resistance levels at $1,600 and $1,700. Despite this, the asset is facing headwinds as Bitcoin struggles to break past the $35,000 mark, leading to increased selling pressure across the crypto market. This has caused the ETH recovery to stall around the $1,800 level, raising questions about an impending correction.

Also Read: Mike Novogratz’s Galaxy Digital Going Long On Bitcoin And Ethereum: Lookonchain

Wedge Pattern Governs the Current Correction Trend

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  • The daily candles projecting rejecting wicks on either side reflect uncertainty among market participants. 
  • A bearish breakdown below the $1750 support put Ethereum coin 15% downside risk
  • The intraday trading volume in Ether is $6.6 Billion, indicating a 17% gain.

Ethereum Price PredictionSource- Tradingview

Over the past seven months, the Ethereum coin price has witnessed a correction trend under the influence of a falling wedge pattern. The coin price rebounded thrice from each of the downsloping trendlines, indicating the strong influence this pattern has on market participants.

The latest recovery stalled around the pattern’s upper trendline, near the $1,850 mark, as sellers continue to defend this territory. The recent price action displays long-wick projections at this resistance level, suggesting that sellers are pressuring the asset for another downward correction. 

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Taking a bearish outlook, a break below the $1,760 mark could catalyze increased selling, potentially driving the asset back down to the lower trendline near $1,500.

Will ETH Price Regain $2000 Mark?

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While the current price behavior seems concerning the prevailing bullish sentiment has not been entirely extinguished. If the ETH price can maintain a price above $1,750, there might be an opportunity for buyers to break out from the falling wedge pattern’s upper trendline. Such a breakout would effectively signal the end of the ongoing correction phase, propelling buyers toward an extended recovery with a target at $2,030—an estimated upside of 14%.

  • Exponential Moving Average: A potential bullish crossover between the 20 and 100 EMA slope, could bolster buyers in maintaining current recovery trends.
  • Vortex Indicator: A positive crossover state between the VI+(blue) and VI-(pink) reflects market mood is still bullish.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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