Ethereum Price Prediction: ETH Price $1500 make or break level?

Ethereum Price prediction remains bullish for the longer term and it may reach $2000 in the end of 2023. For the short term ETH price seems to be mildly bearish and struggles to defend the important EMA. Currently, ETH/USDT is trading at $1538 with an intraday gains of 0.43% and the 24-hour volume to market cap ratio at 0.0367

In the mid of January, Ethereum price formed a double bottom bullish reversal pattern and succeeded to break out of the neckline hurdle at $1350 which has triggered the positive sentiment and ETH prices rallied 30% approx in the short period of time. 

Meanwhile, the ETH prices also managed to climb above the 50 and 200 day EMA which shows that the positional trend has reversed in the direction of bulls and any short term correction will have high probability of bouncing back from the lower levels.

Ethereum price reversed from $1700

Moreover, In the mid of February, Ethereum crypto bulls have tried multiple times to break out of $1700 but due to strong bears, prices got rejected and again reversed down into the downward direction. Therefore, $1700 will act as an immediate hurdle level in the coming months. 

Ethereum Price is forming the same pattern as Bitcoin (BTC), which indicates that if BTC price slipped below $21000 then it might negatively impact the ETH prices as well other crypto prices. Market is expecting rate hikes from the FED which might help the crypto prices to give some relief rally but the FED is now thinking to postpone the rate hikes, So the possibility of short term bounce remains low.

Will Ethereum Price break $1500 or bounce back?

However, if we look into the technical levels then ETH prices are near to the demand zone $1500 and if overall market sentiment improves in coming weeks then we may witness some sort of buying from the lower levels.

On the other hand, Ethereum (ETH) technical indicators like MACD had generated a negative crossover indicating bearishness to continue for some more time. The RSI at 41 denotes ETH price might soon enter into the oversold zone and may give a short term pull back rally from the lower levels. However, if the situation gets worse and ETH price slipped below $1500 then bears can try to drag it further down toward $1350 level. 

Conclusion

Ethereum price prediction suggests ETH may reach $2000 in the end of 2023 but for the short term ETH price is in the bear’s grip and reversing in the downward direction. The technical analysis shows that till ETH price is below the 50 and 200 day EMA, the probability of more downside is high as compared to upside.

Technical levels

Resistance levels : $1700 and $1800

Support levels : $1462 and $1350

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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