Ethereum failed to clear a key price hurdle this Monday, reinforcing near term Ethereum price prediction bets.
The ETH/USD pair was down 1.79% as of writing, as sellers ensured that the resistance at $2162 held firm for the 4th day running.
The breakdown of the ascending channel after Ethereum had been rejected at the $2378 price mark heralded the latest downside move. This move cracked the $2162 price level, converting this support into new resistance.
Ethereum will continue to be in the crosshairs of traders, especially as the market looks forward to the London hard fork, scheduled for some time in August 2021. This hard fork was supposed to occur this month, but Ethereum developer Tim Beiko indicates that this hard fork could occur sometime on 4 August, between 1 pm UTC and 5 pm UTC.
Ethereum Price Prediction Outlook
2162.32 remains the price mark to beat. The pair would need to break above this price level to fulfil any bullish Ethereum price predictions, targeting 2378.30 in the first instance. Above this level, 2671.80 and 2940 (1 May high) appear to be the next targets to the north.
On the flip side, an extension of the decline from 2162.32 throws up 1964.19 as a potential downside target. Below this level, further decline brings 1750.00 into the picture (23 May low), before 1548.59 and 1418.30 become other targets to the south.