Ethereum Price Prediction: Can ETH pullback to $1400?

source: shuttershock

In Short

  • Ethereum price lost 36% of its market value in November.
  • ETH has hurdled back above a previous level of support.
  • A breach below $1,211 would make void the bullish potential.

Ethereum price could be setting up for a move to replenish lost funds into the hands of investors. With market sentiment in extreme fear, a contrarian countertrend bounce is still a possible outcome. 

Ethereum price should be watched closely

Ethereum price rose by 19% during the first week of December following November’s 36% downtrend. Now, as the ETH price hovers in above the 8-day exponential moving and 21-day simple moving average, a possibility to rally towards the November high stands a fair chance of occurring.

Ethereum price currently auctions at $1,276. The bulls successfully breached through a broken support zone with a slight uptick in transactions on the volume indicator. A Fibonacci retracement tool covering the entirety of November’s downtrend shows the same as a 38.2% retracement level. 

Source: tradingview
ETH USDT 1-day chart

If the market is genuinely bullish, a breach of $1,300 should be the catalyst for an uptrend move targeting 50% and 61.8% Fib levels. The uptrend would have the potential for up to a 13% increase in market value targeting the “Golden Pocket” 61.8% Fib zone at $1,416. 

Invalidation of the bullish outlook could arise if the bears break the bullish engulfing candle that pierced the 38.2% Fib level. A plummet below $1,211 could include an additional decline targeting the November low at $1,075. The Ethereum price would fall by 14% if the bearish scenario played out

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.