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Ethereum (ETH) price has fallen since the $1,660 resistance area rejected it on Jan. 21. Price may be adjusted for a further bullish move.
The ETH stands as the native symbol of the Ethereum blockchain, created by Vitalik Buterin. Since the start of the year, there has been a rapid increase in the number of ethers. The $1,350 resistance zone and a declining line of resistance that were in place since August. 2022 were shattered January 1st. 11. The ETH price then went up to $1,680, the highest price in January 2023.
At a $1,660 average price, the 0.618. Strength of the fibrated retracement and horizontal strength of the main resistance zone. In spite of its high level, the price of aether has not reached a higher level than this area. Instead, it was discarded (red icon) and started a down motion.
$1,350 is the closest horizontal support zone if downward motion continues. However, there is a fibrillation support in front of it, which could stop the fall and provide the foundation for a potential rollover.
In spite of the previous rejection, the price created a bullish chandelier in January. 26 and could be in the process of making another breakout attempt.
Ethereum Short-term price prediction: Plummeting to $1500 before the massive recovery.
Although prices do not provide clear guidance for the future trend, the wave count provides an upward Ethereum price forecast. It suggests that the price of eth is currently in the fourth wave after a third extended wave (black). Once the fourth wave is over, another upswing is likely.
While a more accurate target will appear after wave four is complete, the first preliminary target is $1,812, created by the 2.61 expansion of wave one (blank). Subsequently, the following target would be $2,097, created by the extension of 3.61.
With respect to the low end of wave four, the retracement support level of 0.382 fib at $1,478 is the most likely place to end the wave. In addition to being a fib level, it also validates the resistance line of a channel from which it has previously exploded. However, due to the increase in the last 24 hours, there is also the possibility that the bottom of wave four may have entered. In this case, the price would probably be bound in a short-term triangle prior to a potential breakout.
While the price of eth might fall a bit deeper, a drop under the wave a high to $1,244 (red line) would completely invalidate this account. The cost of the EPF would therefore be less than $1,200.
In conclusion, the most probable near-term price forecast for Ethereum is a drop to $1,478, followed by a sharp rise. A daily close-out greater than $1,660 would mean the correction is complete, with a minimum increase of $1,800.
