Ethereum Price Prediction: If Buyers Lose Key Support, Price Will Reach $1500

Updated: 02 September 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 price broke down from the support trendline of the channel pattern during the aggressive sell-off in mid-August. This coin is at risk of prolonged correction after losing the support it had for nine months. Prices halted at 200 EMA slope around $1620, reflecting buyers’ push to maintain higher prices. Does this support bolster the downtrend that started earlier?

Daily Ethereum Chart: Key Points

If the ETH price does not rebound from the 200 weekly exponential moving average, Ethereum may continue to experience a long correction. Upon a breakdown below the 200 EMA, a 10% drop is likely in the near term.
It indicates a 30% loss in the intraday volume of Ether trading at $4.8 billion.

Bears failed to respond to ETH sellers’ high momentum breakdown of the channel pattern, indicating a lack of conviction. As a result of active accumulation, long-wick rejection candles were seen at 200-day EMA on the weekly chart.

Technical tools such as the 200-day EMA can distinguish between bullish and bearish sentiments in the market. The slope of this EMA has historically been a major support or resistance point for the market.

With the bearish momentum in the market, Ether would need a close above the previously mentioned support to confirm the continuation of the downtrend.

As a result of the post-break fall, the price plummeted to $1500 and then $1366 before bouncing back.

ETH Alternative – Wall Street Memes

A bearish phase in Bitcoin and legal disputes with the SEC are causing massive volatility for XRP. It presents investors with a presale asset with a high growth potential once it goes live on exchanges, making Wall Street Memes an attractive investment.

Taking inspiration from Wall Street Bets, Wall Street Memes is a memecoin project. It aims to turn Wall Street Memes’ native cryptocurrency – WSM – into a money-generating asset similar to how the Reddit group pumped up the price of Gamestop stock.

Aside from creating comedic memes on social media that generate plenty of traction and engagement, Wall Street Memes also boasts a staking utility that rewards token holders. A $50,000 WSM airdrop is also going on, making Wall Street Memes an excellent buy.

More than $26 million has been raised through Wall Street Memes’ initial coin offering in June. Take part in this presale to secure early bird gains when WSM becomes available in less than 25 days. Visit wallstmemes.com to participate.

Smog (SMOG) - Meme Coin With Rewards

Rating