Ethereum Price Prediction: ETH to expect more pain as sell-off continues – FXStreet

Sarah Tran Sarah Tran
Independent Analyst

Ethereum price has exceeded the bearish target given by the prevailing chart pattern at $2,353. ETH has rebounded slightly but is finding difficulty in discovering a reliable line of support to prevent further decline. 
Ethereum price has sliced below the lower boundary of the descending parallel channel on the 12-hour chart, reaching the pessimistic target projected by the prevailing chart pattern at $2,353. 
While Ethereum price has attempted to reverse the period of underperformance, ETH could continue to slide lower within the lower parallel channel if the bulls fail to push prices higher. 
Additional selling pressure could steer Ethereum price lower to tag the downside trend line of the lower parallel channel at $2,297, before dropping toward the 127.2% Fibonacci extension level at $2,004 if a catastrophic sell-off occurs.
However, if the buyers step in, Ethereum price may face immediate resistance at the 78.6% Fibonacci retracement level at $2,544, then at the 61.8% Fibonacci retracement level at $2,730, coinciding with the lower boundary of the prevailing chart pattern. 
A spike in buying pressure may see ETH tag the 50% retracement level at $2,861 before tagging the 38.2% Fibonacci retracement level at $2,992, where the 21 twelve-hour Simple Moving Average (SMA) also sits. 
ETHUSDT
ETH/USDT 12-hour chart
It may take an additional increase in strength before Ethereum price tags the 23.6% Fibonacci retracement level at $3,154, which sits near the upper boundary of the governing technical pattern.
The resistance line given by the Momentum Reversal Indicator (MRI) shows that Ethereum may face a stiff hurdle at the topside trend line of the prevailing chart pattern. Only a decisive break above the aforementioned obstacle could signal a reversal of the period of underperformance.
 
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Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
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