• Ethereum Price Prediction: ETH targets $2500, will underperform Bitcoin in a sell-off
  • Ethereum price continues to slide further south and faces its last Ichimoku support level. The $2,900 value area is the last support zone before a mini-flash crash would see Ethereum flush towards $2,500.
  • Ethereum price must hold above Senkou Span B or face a -14% drop

Ethereum price sits on a precipice that it must hold for the next five days or it is likely to crash towards a new 30-day low.

Ethereum price holds on to final Ichimoku support at Senkou Span B

Ethereum price has one of the most looked-for-bearish Ichimoku setups developing on its daily chart: the Ideal Bearish Ichimoku Breakout. The conditions for this Ichimoku setup are:

  1. Chikou Span below the Cloud.
  2. Tenkan-Sen below the Kijun-Sen.
  3. Future Span A below Future Span B.
  4. Price below the Cloud.

All conditions save one is present on the Ethereum price chart – price below the Cloud. Buyers have persistently defended the $2,900 - $3,000 level for the past eight trading days. However, there are signs that $2,900 will soon fail as support. The final support level in the Ichimoku Kinko Hyo system is at $2,900, with zero remaining supportive Ichimoku levels until the Chikou Span intercepts Senkou Span B at $2,500.

The oscillators support a relatively quick move from $2,900 to $2,500. The Relative Strength Index has developed a bear flag with a breakout directly below the final oversold condition in a bull market (40). Likewise, the Composite Index also has a bear flag formation. The Optex Bands is the only oscillator with some possibility of support coming in, but it could still move lower as it is not yet in the lower extremes. Because of these oscillator conditions and the lack of support below $2,900, Ethereum price is likely to underperform Bitcoin in any upcoming sell-off.

ETH/USD Daily Ichimoku Chart

To invalidate this current bearish setup, buyers will need to defend the $2,900 level. If Ethereum price can maintain $2,900 until October 3rd, the threshold bulls need to target to convert Ethereum into a new bullish expansion phase drops from a daily close at $4,000 to a close of $3,500.


Like this article? Help us with some feedback by answering this survey:


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP