Ethereum Price Prediction: A Pullback Could Precede Any Further Advances

Ethereum ETHUSD

Ethereum price predictions bets for a further advance on the ETH/USD pair have cooled off a bit, as the price has found the attempt to break past $3167 a little too hard in recent days. However, crypto whales have recently moved over $1.4 billion worth of Ethereum, and open interest on ETH swaps has attained the $8billion mark.

A report also indicates that following the implementation of the EIP-1599 hard fork, more than $5 billion worth of Ethereum could be burned within a year as part of the proposal’s mechanism to burn a part of transaction fees. ETH/USD currently trades 0.95% lower.

Ethereum Price Prediction Outlook

Ethereum has stalled at the 3167 price target that I identified in one of my articles last week. A pullback from this level could first touch off 2940.68 before 2671.80 comes into view. From here, we could have a bounce or the price could drop even further to the previous neckline of the completed double bottom at 2378.30.

On the other hand, an advance beyond 3167.12 targets the 6 May high at 3428.58 initially, before 3604.17 comes into the picture if the passage continues. This move will likely follow a pullback and bounce from support levels below 3167, rather than a straight break from present levels.

ETH/USD: Daily Chart

Follow Eno on Twitter.