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Ethereum Price Analysis: ETH Consolidates, Is Correction Inbound Before Breaking $4000?

Key Support level: $3,600

Key Resistance level: $3,900

Over the weekend, the second-largest cryptocurrency has consolidated just under the current resistance range of $3,900.

However, similarly to Bitcoin, before ETH attempts to break its current all-time high at $4,380, it could retest the key support level as shown in the following ETH/USD chart. In case of a retest to confirm the $3600 level as support, ETH’s price might surpass $4,000 before the end of the month. However, a breakdown of the level will invalidate this.

ethusd-oct17-p1

Indicators

Trading Volume: Due to the weekend, the trading volume in the past two days has decreased; this is typical. However, watch the price action on Monday closely, especially the volatility expected surrounding Bitcoin’s ETF possible start of trading, which will likely affect the other cryptocurrencies.

RSI: On the daily timeframe, the RSI remains bullish. However, on the 4-hour timeframe, RSI is declining, which might support the idea of a short-term pullback to the support level as mentioned above.

MACD: Similarly to the RSI, MACD on the 4-hour timeframe has turned bearish. This reinforces the bias that ETH can retest its support before further price increase can be expected.

ethusd-oct17-p2

Bias

Over the long term, the ETH bias remains very bullish. However, the price is likely to retest the critical support level at $3,600 before a possible attempt at breaking the all-time high price range.

Therefore, in the immediate term, we might expect a pullback or correction. As mentioned, Monday can determine how ETH behaves for the rest of the coming week.

Short-Term Price Prediction for ETH/USD

The current consolidation in the price range of $3,600 – $3,900 is expected to continue before any serious attempt at breaking the all-time high. A clear retest of support may be needed for bulls to have enough confidence to push the price of ETH above $4,000.

Ethereum Price Analysis: ETH Consolidates, Is Correction Inbound Before Breaking $4000?

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