Ethereum Price Prediction: Lack of bullish interest could be ETH’s downfall

Ethereum Price Prediction Lack of bullish interest could be ETH’s downfall

In Short

  • Ethereum price continues to descend with low volume.
  • The Relative Strength Index has breached supportive territory on higher time frames.
  • Invalidation of the bearish thesis is a breach above $1,600.

Ethereum price could be setting up for a sweep the lows event. Key levels have been identified.

Ethereum price shows subtle bearish cues

Ethereum price shows a common market ingredient that often leaves retail traders on the wrong side of the trend. The common ingredient is a lack of bullish interest. Although the volume profile indicator shows a persistent tapering effect, the lack of bullish influx could be contributing to the penny-from-Eiffel style decline being experienced.

Ethereum price currently auctions at $1,338. The bulls are attempting to find grounds near the 8-day exponential moving average. The most convincing aspect that compounds the idea of a potential bear market underway is the Relative Strength Index reading. The 2-day chart has breached the definitive line in the same, which justifies calling the downtrend just a corrective structure. With that being said, a sweep-the-lows event targeting the June 18th swing low at $880 is now on the table. 

ETH USDT 2-Day Chart
ETH USDT 2-Day Chart

The bulls will need to pull off a 2-day reversal pattern and a strong rally to reset the bearish RSI reading. A likely target to reset the RSI could be the $1600 level. If the bulls can hurdle this level, a reasonable bullish scenario would be to retest the August high near $2,000. Such a move would result in a 50% increase from the current Ethereum price.

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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.