In a neutral pattern, the price of Ethereum (ETH) is settling. The most likely scenario over the upcoming several weeks is a breakout from it.
The Ethereum network’s primary asset, ETH, was conceptualized by Vitalik Buterin and is utilized for brilliant contract execution. In January, there was a notable reduction in the total ETH supply, resulting in a net decrease of 10,145.72 ETH. This decline has persisted since the merger, and if it continues, it is projected to result in a -0.012% annual inflation rate for ETH.
Ethereum price has risen since the start of the year, breaking through a descending resistance line and the $1,350 resistance level, reaching a high of $1,680 on Jan 21st.
Price rejected at $1,660 due to 0.618 Fib & horizontal resistance, resulting in bearish divergence & bearish engulfing pattern on Jan 31st. Bearish signs suggest probable decline, with $1,350 potentially acting as support.
Ethereum Price Forecast For Feb: Consol Before Breakout
A daily close above $1,660 negates the bearish ETH outlook, potentially increasing towards $2,000.
The 6-hour time frame suggests ETH price will break out after completing consolidation. Furthermore, ETH in wave 4 of the 5-wave upward move (black). Sub-wave count in red shows waves three extended.
In the next 24 hours, the ETH price is expected to consolidate inside a symmetrical triangle before breaking out. The main target, determined by the 2.61 extensions of wave one (white), is forecasted to be at $1,810.
The second scenario is slightly bearish but predicts an ETH price increase to $1,810. ETH would drop to 0.382 Fib support at $1,677 before its expansion, confirming a fourth-wave pullback.
If ETH drops below the $1,244 wave one high, the count would be invalidated, and a decline below $1,200 would be likely.
Related Reading | The Total Crypto Cap Rises Amid Bitcoin’s Five-Wave Pattern
Ethereum is expected to have a bullish Feb. with an expectation to reach $1,800 after consolidation. A drop below $1,244 would make the forecast bearish, likely sending the price below $1,000
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