Ethereum’s Make-or-Break Moment: Will It Soar to $2,800 or Plunge to $2,000?
Ethereum traders are holding their breath as the crypto giant teeters on a knife's edge. The stakes? A bullish surge past $2,800—or a brutal correction dragging it down to $2,000.
Market watchers are split. Some see the recent consolidation as a coiled spring, primed for a breakout. Others point to shaky macroeconomic winds that could trigger a sell-off. Meanwhile, Bitcoin maximalists are smugly sipping their coffee—because of course they are.
Technical indicators hint at volatility ahead. The $2,500 support level has held firm, but liquidity pools below $2,200 suggest panic-selling fuel if things go south. On-chain data shows whales accumulating, though whether they're preparing to pump or dump remains anyone's guess.
One thing's certain: Ethereum's next move will send shockwaves through altcoin markets. And if you believe the 'institutional adoption' hype, maybe—just maybe—your grandma's pension fund will accidentally buy the top again.
Ethereum Price Struggling At EMA
Crypto analyst Swallow Academy noted that the ethereum price has returned to trading at its Exponential Moving Average (EMA) earlier in the week after bouncing from its weekend lows. This has been referred to as the level of interest and sits around the $2,400 level, which has served as major support in the past.
The harsh drop from the weekend that pushed ETH from $2,500 to $2,150 has no doubt dented sentiment and sparked caution among investors. But the retest of the EMA at $2,400 suggests that buyers are still exerting their force and have been pushing up the price.
Given these recent developments, the crypto analyst explains that it is currently a waiting game for the ethereum price. From here, it could go either way, as confirmation is needed for which direction it is headed next. A breakout from here could move it back above the $2,800 resistance. However, a crash could be confirmation of rejection, sending Ethereum spiraling back toward lows at $2,000.
Mapping Out Next Steps
As the Ethereum price continues to show signs of continuation, crypto analysts have begun to map out where the altcoin might be headed next. Mister Spread pointed to the fact that Ethereum had actually shown a bullish Power of 3 (PO3), consisting of accumulation, deviation, and expansion.
The accumulation phase has been completed, and is now in the phase of deviation, explaining the price crash. Now, the price seems to already be breaking out of the deviation box, suggesting that the expansion phase will be coming sooner than expected.
Once the expansion phase is in motion, the crypto analyst expects the Ethereum price to move back into the supply area of $2,800-$3,000. However, if the price fails to climb and falls back below $2,100, then this bullish thesis would be invalidated.
