Ethereum prices have been on an uptrend ever since prices hit their psychological low of $1,000. The Ethereum merge event along with the positive crypto market in general is pushing prices higher. However, occasional price adjustments do occur as part of uptrends. Will Ethereum go up despite the correction or will prices crash back? Let’s analyze in this Ethereum price prediction article.
Ethereum is on a Strong Uptrend
After reaching the low of $1,000 for the first time back in mid-June 2022, Ethereum started a sideways trend. This consolidation happened between a price of $1,000 and $1,200 and lasted for an entire month. In mid-July however, prices managed to break the resistance of $1,200 and started a strong uptrend. This price increase was fueled by the Merge event that is filling the Ethereum community with high anticipation for the big day.
In figure 1 below, we can see how Ethereum broke its consolidation (red parallel lines) and started its uptrend (green trendline). Every time prices went away from that trend line, they come back to it as part of a price adjustment. So far, prices did not break the uptrend.
Ethereum Price Prediction – Will Ethereum reach 3000 $?
Ethereum reached the psychological price of 2,000. However, prices retraced lower towards the $1,900 price mark, and might even drop towards $1,800. Also, we can see how prices did adjust back towards the green uptrend line. This means that the uptrend is still on and prices can continue higher. The slope of the uptrend might weaken, however, and we might see a slower uptrend towards the price of $2,200. From there, we should see a brief consolidation between $2,000 and $2,200.
On the other hand, breaking the $1,800 price mark might send prices lower towards the $1,600 price area. That’s why it is advisable to place a stop-loss trigger right below $1,800 depending on your risk tolerance.