After an extended bearish trend, Ethereum managed to get out of its breakout and is already well above the USD 2,000 price mark. The recent crypto crash took a huge toll on the crypto market, and especially Ether. In fact, investors were expecting Ether to reach a price of USD 4,000 but with the latest bear market, Ether lost 60% of its value in less than a month. Today, on the other hand, prices are showing a sign of a comeback. Can Ethereum price rebound and go back on track? Here’s all you need to know.
Ethereum Prices Showed signs of LIFE
Many investors feared the latest crash and anticipated the 2k fakeout downwards. In fact, many traders went all the way even to place buy orders around the USD 1,800 price mark, which represents a very strong buy area for Ether. Prices stayed bearish for almost 2 weeks, but later this week recovered and are showing a strong price-action.
The latest approval from JP Morgan gave indeed a strong fundamental push for prices. This was also coupled with a green sentiment in the overall crypto market.
Ethereum Price Prediction – Where is ETH Headed towards?
If prices continue to show a strong and positive price-action, the next stop for ETH should be its previous high of USD 2,800. In fact, prices manage to retrace twice previously from this level, thus signaling a strong next price target for ETH. This would definitely happen with corrections along the way, that would definitely be a healthy uptrend for ETH. When assessing crypto prices, investors should always look for the overall cryptocurrency market’s sentiment, the fundamental news happening to the specific crypto asset and the technical formations that are currently happening.
For now, a strong target of USD 2,800 is on the horizon with the following trade setup for an Ethereum price rebound:
- Current Price: USD 2,300
- Stop-Loss: USD 2,100
- Take-Profit: USD 2,800
- Risk/Reward ratio: 2.48
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Rudy Fares
