Ethereum Price Prediction: ETH Consolidates at $1,630

Ethereum Price Prediction: ETH Consolidates at $1,630 – Next Stop Higher or Lower?

Updated: 23 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Ethereum (ETH) has been consolidating near the $1630 mark as the bulls closely watch for signs of a potential bullish rally.

This anticipation stems from the emergence of a bullish pennant pattern.

As of 2:03 a.m. EST, the trading price of Ethereum is $1639. This figure represents a decline of 1.5% over the past 24 hours.

Unfortunately, the cryptocurrency’s performance throughout the month has been less favorable, experiencing a downward slide of 12.1%.

Bulls Could Take Advantage of Bullish Pennant

ETH/USD Chart Analysis. Source: Tradingview.com — ETHUSD Chart Analysis. Source: Tradingview.com

ETH’s price has hit a local high of $2100, resulting in a bullish pennant with two lower lows and one lower high, indicating a bullish continuation.

At the time of writing, ETH is hovering around $1639.

Despite the bullish pennant suggesting a potential upward trend continuation, price indicators provide a contrasting opinion, supporting the bearish momentum.

The price is trading below the 50-day and 200-day moving averages, aligning with a more bearish perspective and implying the possibility of further downward movement in Ethereum’s price.

The relative strength index (RSI) adds to this bearish sentiment, with a current reading of 24, indicating that the selling pressure might end as it falls below the oversold region of 30.

This situation might create an opportunity for a reversal in the price trend as bullish traders prepare to rally and drive the price higher from the lower boundary of the pennant.

The analysis above strongly indicates a continuation of the bearish trajectory in the short term for the price of ETH.

This downward momentum could prompt the bulls to retreat, seeking support at critical levels around $1552.

However, it’s important to highlight that this price dip offers a strategic window for bullish players to unite and initiate an upward surge with the support of the bullish pennant.

If the price surpasses the upper boundary of the pennant formation, the next target would be $2407, assuming this upward momentum gains traction.

While investors anticipate the optimal entry point for Ethereum’s price, yPredict has presented an attractive prospect through its ongoing presale, promising substantial returns.

yPredict (YPRED)

yPredict, an all-encompassing AI-powered ecosystem designed to empower traders, developers, and analysts for profitable outcomes, stands out with its cutting-edge features.

At its core are real-time AI-powered trading signals derived from premier predictive models crafted by world-renowned AI experts.

This distinctive advantage equips traders with timely insights for informed decisions in the dynamic cryptocurrency landscape.

📈Just read an insightful article on Ethereum price prediction using LSTM model by #yPredict. 🔮 In a world of crypto volatility, LSTM proves its prowess in forecasting Ethereum prices accurately. A deep dive into AI, data visualization, and hybrid models for a clearer view of… pic.twitter.com/pbWqxvwm8o

— yPredict.ai (@yPredict_ai) August 16, 2023

In addition, yPredict boasts a live feed that furnishes users with real-time sentiment analysis across popular crypto coins, granting a competitive edge in this fast-paced market.

For those grappling with intricate trading charts, yPredict shines by recognizing over 25 promising chart patterns for selected coins, simplifying complex analyses.

Reviews from prominent sources like Chain Review underscore the potential of yPredict’s staking feature, which could introduce a transformative element to the market.

The platform’s adeptness at weathering market fluctuations adds to its allure, providing traders with a comprehensive toolkit for navigating turbulent market conditions.

🚀yPredict ($YPRED), the ultimate AI-powered platform for traders! 📊🤖 Unleash the power of market sentiment analysis, chart pattern recognition, advanced indicators, and AI-driven buy/sell signals. An indispensable tool for consistently profitable trading.

🎯 Hurry, we're in… pic.twitter.com/B5lADbFgHm

— yPredict.ai (@yPredict_ai) August 11, 2023

Crucially, the AI-enhanced signals offered by yPredict emerge as a central pillar of this endeavor, enhancing its appeal and credibility.

Through active engagement with yPredict’s capabilities, traders and analysts can unlock new dimensions of success and navigate the cryptocurrency realm with increased confidence.

Presale Funding Raises over $3.5 Million

The YPRED Presale funding has surpassed the $3.56 million mark, exceeding the target of $4.58 million. YPRED’s supply is capped at only 100 million tokens, with the intended market cap at listing on exchanges at around 6.5 million.

The waitlist for the exchange launch boasts over 20,000 users, underscoring its status as a coveted crypto gem that’s capturing the attention of global investors.

The presale’s affordable tokens give investors a prime opportunity to amass these tokens.

At the 7th presale stage, investors who get in now stand to realize gains of up to 11.11% as the presale approaches stage 8, where the price will rise from $0.1 to $0.11.

Investors can acquire these tokens using MATIC, BNB, USDT, ETH, or bank cards by linking their crypto wallets on the yPredict site and swapping them for YPRED tokens. Trustworthy providers for this include MetaMask and Trust Wallet.