Crypto
Ethereum Price Races Past $1500, Here's What To Expect
Ethereum price prediction points to a bearish outlook, but an expert calls the current level an ideal buying opportunity; here's why.
7h ago 4,280
BLOCKINSIDERLoadingEthereum price prediction points to a bearish outlook, but an expert calls the current level an ideal buying opportunity; here's why.
Ethereum price has struggled at the hands of the larger crypto market. The bearish wrath didn’t spare the top altcoin.
ETH price at the moment remains in focus as a crypto analyst called the current levels an ideal long-term accumulation zone.
This comes during a period when the broader crypto market is bleeding, crypto whales are dumping their ETH holdings, even opening short positions, while US spot Ethereum Exchange-Traded Funds (ETFs) continue to see big outflows.
As of press time, ETH price was trading at the $1,574 level. Whereas the asset’s trading volume plummeted 11.3% to $10.41 billion during the same period, indicating declining market participation.
This declining trading volume, along with the asset’s price, suggests that traders and investors might not be interested in the current trend.
Despite a notable price dip, a well-followed crypto expert shared a post on X stating that he has been accumulating ETH around this level. In fact, in the post, he noted that the current level makes him comfortable with accumulation for the long term.
The expert backed his bullish outlook:
“Most people are still underestimating Ethereum here, but I think that changes once the market starts looking back at real fundamentals: liquidity, stablecoins, RWAs, DeFi activity, and where institutions actually choose to build.”
The expert further added that there isn’t any clear reason for the market to break much lower from the current level. As inflation is cooling, oil prices are easing, and lower commodity pressure is gradually feeding into the broader economy.
Besides this bullish Ethereum price prediction, ETH has witnessed bearish activities from crypto whales.
A report from crypto transaction tracker Onchain Lens revealed that whales like FG Nexus and Blackrock have dumped a massive 3,375 ETH worth $5.34 million and 30,725 ETH worth $48.60 million, respectively, over the past 24 hours.
Meanwhile, another whale wallet address “0xa6e” opened a short position worth $35 million with 25x leverage.
Looking at these whales' and institutions' activities, it appears that current sentiment and its short-term bias remain bearish, with sellers in control.
Now, you might be wondering what’s next for ETH price: will it continue to decline, or is a potential reversal possible at the moment?
According to the TradingView daily chart, Ethereum price prediction appears bearish in the short term. Meanwhile, the asset seems to be consolidating in a tight range between the upper and lower boundaries of $1,545 and $1,624 for the past six trading days.
In fact, this consolidation has been forming near a key support of $1,500, a level that ETH has been holding since January 2023. The chart shows that in the past, whenever the asset comes near or at the $1,500 level, it recorded a notable price jump, or we can say an upward price recovery, and it occurred in three instances.
Based on the current price action, if this time ETH remains above the $1,500 level, it could repeat history with a potential price reversal.
However, things could only get worse if the asset falls below the $1,500 level. If this happens, ETH could decline another 33% and may reach the $1,000 level.
At press time, ETH remained below the 200-day Exponential Moving Average (EMA), indicating sellers remain in control with a bearish structure.
Meanwhile, the value of the technical indicator Average Directional Index (ADX) has reached 31.43, which suggests ETH has strong trend strength, which is reinforcing a bearish outlook.
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