Ethereum (ETH) Price Analysis: ETH Bullish Momentum Sluggish, But Bulls Still In Control

On Nov 8, 2023

Ethereum’s bullish momentum has shown signs of slowing, with the price struggling to clear the resistance at $1920, with the price currently trading at $1880.

While ETH is moving lower, downsides may be limited below $1850. There was also a break above a connecting bearish line trend, with resistance present near $1880, which appeared on the hourly ETH/USD chart.

ETH Price Remains Stable

The Ethereum price remained stable above the $1850 support zone, making another attempt to gain bullish momentum above the resistance prevailing at the $1880 level. While there was a break above a connecting bearish trend line, ETH failed to clear the $1920 resistance zone. As a result, a high has formed near the $1907 level, with the ETH price moving lower. ETH was trading at $1895 on the morning of the 7th of November. However, the price dropped considerably, dropping to $1870 and then going as low as $1853 before recovering. This was when it pushed up to $1907, but with bullish sentiment slowing, we saw the price move lower, dropping below the $1880 mark.

While Ethereum is trading well above the $1860 mark and the 100-hourly Simple Moving Average, it faces resistance at the $1900 level, with the first major resistance sitting at $1920. To begin a bullish surge, the bulls must clear the resistance at $1920. If the bulls break past $1920, we could see ETH surge toward the $2000 price mark, with the next key resistance sitting at $2050. If ETH moves past this, it could move toward the $2120 level.

If ETH fails to move past the resistance at $1900, it could drop to $1880, its current price. The next key support is at $1870 or the 100 hourly SMA. The 61.8% Fib retracement level of the recent increase from the $1851 swing low to the $1907 high is also at the $1870 level, with the main support at $1850. Any downside break from $1850 could see ETH drop significantly lower. In such a scenario, we could see ETH drop toward the $1780 level.

Could ETH See A Bull Run?

Even though ETH has paused its current uptrend after pushing to $1907, ETH dropped by nearly 2.5% in the past 24 hours before making a small gain and moving to its current level of $1880. Due to the resistance at $1900, buyers need more momentum to push to the breakout target of $2678.

With the price of Ethereum trading above all three moving averages, including the 50-week Exponential Moving Average (EMA), the 100-week EMA, and the 200-week EMA, ETH’s uptrend has a higher chance of resuming rather than pointing to a correction below the $1800 level.

Analyst Predicts ETH Price Increase To $5.8k By 2025

Meanwhile, analysts at Finder have predicted a surge in the price of ETH, speculating that the price could reach $5,800 by 2025. According to the Finder report,

“On average, our panel thinks Ether (ETH) would be worth $1840 by 2023, before its price surges to $5824 by 2025, and then $14,411 by 2030.”

Meanwhile, a panel of 31 crypto industry specialists has speculated that ETH could close the year at $1840. The panel has switched to a more bearish prediction after making an optimistic prediction of ETH rising to $2451 back in July. Most panelists believe ETH has significant growth potential, thanks to the growing interest in Ethereum staking and its exceptionally low inflation rate. This, according to Ben Richie, Managing Director at Digital Capital Management, points to a potential short squeeze that could culminate into a remarkable upside in the Ethereum ecosystem.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.