Ethereum (ETH) price is still consolidating in the same trading range as when we last covered it. Our analysis shows that ETH price may bounce strongly in the coming days if it holds key support on its chart. This means that the bulls still have some time to gain back control.
On Thursday, crypto markets rebounded slightly as the BTC price gained 1.03%. This caused a positive price action in the altcoins, and consequently, the ETH price also had a bounce. At the time of press, Ethereum price was trading at $1853 after rising by 1.24%.
Where Is ETH Price Heading?
There are multiple fundamental and technical factors behind the negative ETH price action. According to the most recent news, the Securities and Exchange Commission of the United States had sued the top crypto exchanges Coinbase and Binance. These development are acting as the tailwinds for ETH.
SEC has labeled BNB, BUSD, MATIC, SOL, CHZ, ADA, and many other top cryptocurrencies as securities in its latest lawsuits. However, the regulator hasn’t taken any stance on Ethereum yet. Nevertheless, sooner or later we may have big news on the status of ETH as well.
Ethereum Price Rebounds From $1,785
The following ETH price chart reveals that the price has broken down from the rising wedge pattern. These patterns are very bearish as the price usually targets the bottom of the wedge after the breakdowns. The bottom of the wedge currently lies at $1,367, 26% below the current price of $1853.
However, this Ethereum price prediction will only be valid if the price closes a day below $1,785. This price level has been acting as strong support for the native asset of the biggest smart contract platform. If this level holds, then I expect ETH to retest its $2,022 resistance once again in the coming days.
I’ll keep posting my updated analysis on Ethereum & my personal trades in my free Telegram group, which you’re welcome to join.
