Ethereum Price Today: A $400 ETH sometime in 2023 

source: vecteezy

In Short

  • Ethereum price coils within a triangle consolidation since the summer.
  • A breach at the $970 swing low could induce a 56% decline toward $400.
  • A break above $2031 would be necessary to invalidate the bearish technicals.

Ethereum price could be setting up for a devastating decline in the coming months. Key levels have been defined to gauge ETH’s potential landing zones.

Ethereum price to $400

Ethereum price lost 40% of market value this month and has since rebounded by 18%. While traders are enjoying the countertrend plays to the upside, Ethereum’s larger monthly outlook looks evermore bearish. 

Ethereum price currently trades at $1,278. Since the summer, the decentralized smart-contract token has been confined within a coiling range. The ETH price has produced higher lows and lower highs. Diving deeper into the technicals, the monthly chart appears to have formed a symmetrical triangle.

If the triangle is valid, the projected target from the ascending trend line would be near the $450 price level. The aforementioned zone also has an Elliott Wave Trend Channel in the same vicinity that has not been retested.

source: tradingview
ETH/USDT 1-Month Chart

Considering these factors, traders may want to stay aligned with Ethereum’s larger narrative and avoid overly confident countertrend trades. A breach of the $970 swing low could trigger a 56% bear rally. 

Invalidation of the bearish thesis could occur if the bulls can surpass the range high of $2,031. A breach above $2,031 could make for a potential uptrend surge targeting the $3,000 liquidity zones. The zone has also remained untested since losing support in 2022. If the bearish scenario played out, the ETH price would increase by 145% from the current market value.

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