Ethereum (ETH) The price seemed poised for a rebound but the Fed managed to break that plan and now ETH needs to make further corrections to pull investors back.
While the dips are painful for many bulls, there is light at the end of the tunnel as a very thick support band comes into play along with a few technical fundamentals. It will be important to expect the ETH price to drop by around 20% to $2,000 next week, but then an uptrend may be possible as the bulls jump to historic highs.
$2,000 in Ethereum Price Will Be Irresistible For Investor Engagement
Ethereum priceIt has already dropped nearly 50% after testing all-time highs in December. Later, the test was seen to be quite bearish and triggered a selling process that seems to continue next week. Even this week, the bulls tried to break the trend but were again rejected with a bullish resistance at $2,695. This proves the importance of marking and considering historical levels to avoid falling into any bull or bear trap.
However, it might make sense to wait for Ethereum price to seek support lower. The next support lined up could be the right support slightly lower with the historical $2,000 and a related additional historical support at $1,929.
As the Relative Strength Index will show oversold by then and the bears see gains, this area could create many opportunities for the bulls to break in.
Bulls’ patience may not need to be tested because a new week often brings new optimism. This could create a quick U-turn on Monday where the bulls burst out of the gates and quickly pushed ETH price to $2,695.
With this move at the start of the week, the target can be set at $3,018, preventing a death cross formation as the 55-day Simple Moving Average is set to break below the next 200-day Simple Moving Average.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.