fxs_header_sponsor_anchor

Ethereum Price Prediction: ETH to retest all-time high after minor pullback

  • Ethereum price has been on an exponential rally as it tagged the $4,00 psychological level.
  • A minor retracement to $3,716 or subsequent support levels seems likely before a new uptrend originates.
  • If ETH manages to recover above $3,863, the retest of the all-time high is next.

Ethereum price saw a massive upswing between August 31 to September 3 as it pierced a psychological level. However, the buying pressure failed to hold up, which is currently experiencing a slow downtrend.

There is a high likelihood that ETH will bounce off a support level and restart its uptrend.

Ethereum price looks to restart its uptrend

Ethereum price rallied nearly 25% between August 31 and September 3 to retest the $4,000 psychological level. This move comes roughly a month after ETH pierced the $3,000 barrier. The smart contract token failed to retest the upper limit of the fair value gap at $4,071 and is currently retracing to gather steam. 

A resurgence of buying pressure at $3,716 or $3,524 support barriers could hold the key to restarting the uptrend. In such a case, ETH is likely to push to $4,071, and if the buying pressure continues to build, it could even retest the all-time high at $4,372.

In a highly bullish scenario, Ethereum price might continue to climb to test the 100% Fibonacci retracement level at $4,699.

ETH/USDT 1-day chart

While the new uptrend rests on the assumption that the retracement will exhaust, things will go awry if the selling pressure pushes Ethereum price to $3,345. This barrier is a stable support level; hence a breakdown will indicate a lack of bullish momentum and invalidate the bullish thesis.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.