The crypto market is still in consolidation mode. Most cryptocurrencies are moving sideways between a resistance and support price. After the highly anticipated Ethereum Merge, crypto prices simply continued on their bearish trend. Ethereum prices specifically crashed hard. After touching the $2,000 price mark, Ethereum crashed by more than 38%. Can Ethereum crash to 1000 $ soon? Let’s analyze in this Ethereum price prediction article.
What Happened after Ethereum Merge?
One of the largest recent occurrences in the cryptocurrency industry in general as well as in Ethereum was the Ethereum Merge. The consensus mechanism of an active blockchain network was modified for the first time. The best-known and second-largest blockchain after Bitcoin, this is still the case.
Various investors and members of the Ethereum network have different expectations for the Ethereum Merge. Some pessimists anticipated a catastrophic failure that might seriously harm the Ethereum network. Other investors anticipated a price surge following the merger. The majority of spectators were likely persuaded that the Ethereum integration would go without a hitch.
On the other hand, most crypto prices failed to increase as expected. That’s why most traders who opened long positions before the merge closed them back, causing a price decrease in most tokens, specifically in Ether.
Why did Ethereum fail to breach $2,000 ?
In a previous article, we showed an interesting head and shoulder formation in Ether prices. We also laid down 2 upcoming targets: the $1,240 price as a first target, and the $1,030 price as a second target. In figure 1 below, we can clearly see that our first target was successfully reached. Ethereum broke the $1,430 price lower and reached $1,240 successfully. We did see a small rebound higher as a natural adjustment. However, we anticipate that prices would go down lower.
Technical analysis is crucial in such market dynamics. That’s why crypto traders anticipate such price actions that are based on previous prices. Now that the first target is reached, will the second one make it as well?
Ethereum Price Prediction – Can Ethereum crash to 1000 $?
Seeing that the crypto market is still looking bearish (or at least consolidating), we expect Ether to continue lower. If Ethereum price manages to reach and breach the $1,240 price lower, prices should crash and reach the price area of $1,030. In figure 2 below, we can clearly see how prices are tending to form a downtrend. The breach of the $1,240 price mark should trigger a selling pressure in ETH, bringing prices lower.
If you were considering trading Ether, here’s a good trade setup to consider:
- Short price: $1,210
- Target: $1,060
- Profit: 12.3%
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