In this article, we’ll look at Ethereum (ETH) growth prospects, analyze support and resistance levels, and give a tentative forecast for the price of Ethereum.
Price of Ethereum — general information
ETH (Ether) is an Ethereum blockchain token. For the year 2022, the smallest value of Ethereum reached $881.56. This is the rate at which Ethereum could be bought in 2018. Ethereum’s current price is equal to $1,130.
Ethereum price support and resistance levels
First, let’s look at the Ethereum crypto price chart more locally. The main resistance level for Ethereum price growth is at 1.660. On October 29, Ethereum lightly rattled this level, but did not break it. However, in such situations, the strength of the level becomes less. This means that the probability of breaking this level in the next growth increases. But it also does not exclude the fact that it can resist.
Price of Ethereum — forecast
Though the market has looked positive for the last two weeks, the general trend is still bearish. And on Ethereum, the outlook locally looks disappointing. Let’s think as a market maker. Where would we, if we were a market maker, want to see the price of any asset? Today, many give even a disappointing USDT price prediction.
Where you can gather the most liquidity (close stop-losses, activate orders). Now let’s look at the liquidation map for Ethereum.
- A lot of liquidity is near the 1.600 mark. But the range of 1.300-1.350 is much more liquid. There is a high probability that the market maker wants to collect this liquidity, to unload the positions of the big players.
- Short-term growth to the level of 1.660 with further decline to the support level of 1.280 looks more likely.
Greater rally is not excluded; reaching the level of 2.233 also looks realistic. But even in this case there is a high probability of reversal followed by a deep drop. Let’s remind, that the situation on the market puts pressure even on the TRC20 USDT price.
The strongest support levels are 1.130 and 1.050 now. When these marks are reached, the entire imbalance will be liquidated (green zone on the ETH chart) and a lot of liquidity will be collected. To make sure you don’t miss the moment when it happens, visit letizo.com.
It may sound scary. But the realization of such a scenario opens a serious prospect for future growth. It can’t be ruled out even now. But it is very hard to believe that a market maker would leave liquidity at the bottom untouched.
Upcoming events that may affect Ethereum price
An important Fed meeting has already taken place. The results were predictable, so the market hardly noticed it, reacting only with a short-term growth followed by a slight drop. USDT futures prices did not suffer either.
