Predicting Ethereum price has been more challenging than ever. Ethereum analysis has been a tough nut to crack, but with the addition of ETH whales and institutional investors, the crypto market is showing some semblance of predictability. After the highs of 2021, the crypto market, including Bitcoin and Ethereum, is lower than they have ever been in the recent past. But one can still make some money by donning the hat of a bear and playing around with the market’s negative sentiments. Currently, the bears can take control of Ethereum if the price drops below a certain threshold. Similarly, bulls can grab hold of the market at a specific support level. So, let’s read through this Ethereum analysis and find out more about the existing situation and how it can unfold.
Ethereum’s price movement has confused the best tech analysts. But with institutional investors joining the party, it is showing some predictability.
Ethereum has stayed in a bearish zone under the $1,100 support zone. In fact, ETH even extended its value depreciation below the $1,040 level.
Just when things started to look bleak for ETH, the bulls emerged at the $1,000 support zone and pushed the price above $1,050 and $1,060 resistance levels.
Due to Bull’s push, Ethereum’s price rose over 23.6% Fibonacci retracement level of the downtrend movement from the $1,275 swing high to $1,014 low.
Moreover, there was a breakout over a critical bearish trend line that showed resistance close to $1,100 on the hourly chart of ETH/USD.
At the time of writing, the trading Ether price is over $1,080 and the 100 hourly SMA (Simple Moving Average).
But we can expect another resistance coming close to the $1,125. But the resistance level that can be crucial is $1,145. However, if ETH can break that barrier, we can see a sharp price rise.
Conversely, if Ethereum fails to move over $1,145 resistance, it can start a new decline, exacerbating if the price drops below $1,080. Bears can gain a stranglehold if the price goes below $1,030.
With Ethereum 2.0 Merge fast approaching, it is essential to understand the bullish and bearish sides of the ETH story. Although there is a lot of hope within the ETH community about the Merge, things can quickly turn on their head. With this Ethereum Analysis, you can get a fair idea of how the market is shaping up, which can eventually help you form a successful investment strategy.
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