Ethereum (ETH) Price Prediction: Bulls Gear Up for a Massive Upswing, But Bears Plan to Drag Levels Below the Range
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- 2024-08-16 15:13:16542browse
While the historical pattern suggests the ETH price is preparing for a massive upswing, the current trade set does not appear to be in bullish favor
The crypto markets showed signs of recovery after reaching monthly lows, but bulls seemed to be losing steam.
Bitcoin and Ethereum faced strong bearish pressure after a minimal rise, indicating that sellers were eager to book profits.
The ETH price faced difficulties in sustaining the $2,500 price level and maintaining a decent uptrend as the buying pressure increased.
Despite the long-term bullish price action, the question remained whether Ethereum bulls were anticipating another pullback. If so, where might the token find its bottom?
Smaller-time technical fractals provide a broader and clearer picture for analyzing the ongoing trend in any cryptocurrency.
The short-term or 4-hour price chart of ETH showed a strong recovery as bulls aimed to maintain the uptrend.
However, several factors suggested that the bearish action was not yet complete, indicating the possibility of another pullback while the $2000 support was likely to remain untouched.
The price recently broke down from the rising wedge, which flashed bullish signals as the token could be preparing for a major upswing.
However, the volumes were a cause for concern, with sellers appearing to be more active than buyers. The past couple of price slashes were accompanied by twice the volume of bulls, along with a bearish MACD crossover.
Furthermore, the price was consistently trading below the EMA 100, suggesting bearish倾向. Hence, the Ethereum price prediction remained bearish towards the first target at $2,252 and later at $2,073.
On the other hand, if bulls found some optimism and managed to break above the resistance around $2800, then the bearish narrative may be squashed.
Until then, the Ethereum (ETH) price rally might continue to be impacted by the bearish influence, heading towards the support zone.
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