New week, new targets ahead. However, those targets are bad ones, especially for Ethereum prices. After being able to rally from its bottom prices with the merge announcement, Ether started to lose its momentum yet again. Many investors bought Ether with hopes of seeing higher prices closer to mid-September. This did not happen, as a huge sell-off occurred in the cryptocurrency market as a whole. Will Ethereum price crash further? Where will Ethereum prices reach if prices do not correct? What are the next targets for Ethereum? Let’s analyze in this Ethereum price prediction.
The Crypto Market is Officially Bearish – Here’s Why
An analysis that is being shared across the crypto community is the Wyckoff Accumulation and Distribution Phase. Wyckoff schema states that “big players” are selling the asset after a big increase in prices, without any clear selloff at the first stage (phase A & B). However, this schema quickly collapses in the second phase, where the general public starts to sell as well.
In figure 1 below, we can see that scary analogy in the Bitcoin chart vis-a-vis Wyckoff’s distribution chart. That’s why most analysts in the market are predicting another crash in crypto prices, with no signs of a comeback in the short term.
Ethereum broke its uptrend with Clear Signs
In previous articles, we spoke about how ETH prices started their uptrend, magnified by the merge announcement. We did also recommend always placing tight stop-loss triggers. This is because the crypto market direction was still risky. This recommendation proved right as the market retraced lower and prices could not sustain the uptrend. In figure 2 below, we can see how the uptrend was broken, giving clear sell or short signals.
Today, Ethereum prices are clearly on their way towards the $1,400 price mark as stated in our previous article. The crypto market sentiment is still negative, pushing prices lower.
Ethereum Price Prediction – Ethereum Target Areas
Now that we have established that Ethereum is on a bearish trend, we can state lower targets. It is important to always go back in the charts and see where Ethereum prices consolidated before continuing their trends. Another way to look at those special areas is to see any price retracement at any given area. The ones that repeat should be of high significance for traders.
In figure 3 below, we can acknowledge the following short/medium term targets:
Once prices breach the psychological price of $1,000 and continue lower, we’ll have lower price targets that date back to the year 2018. This is where ETH prices had a significant price action during the first bull run. It is not necessary that ETH reaches all the below targets, but it is a good idea to keep them in mind when placing SL or TP triggers accordingly. The merge events will definitely have a significant role to push prices higher in case of successful deployment, so it’s important to keep a close lookout on how the market reacts.