Ethereum price shot up nearly 17% on April 22 and 23, but this optimism is dampened as crypto pundit outlines a potential correction to April 8 swing low of $1,380. This scenario is based on a key fractal that occurred in the past for ETH.
Ethereum (ETH) is down 2.26% today after a near-17% rally between April 22 and 23. The price currently trades at $1,754 after facing a stiff rejection at the 50-day Moving Average (MA). Analysts and traders’ expectation is a bearish short-term Ethereum price prediction before ETH bulls restart the uptrend.
Will Ethereum Price Correct?
As noted above, Ethereum price has hit the blue line at $1,819, which is the 50-day MA. Rejection from this level has led to a 2.26% correction today, which could extend depending on the current state of Bitcoin and the geopolitical tensions due to Trump’s tariffs.
Although the recent uptrend was impressive, the chances of a short-term correction are high. The Relative Strength Index (RSI) just above 50 is producing a top, hinting at a correction, aka a decline in bullish momentum. The lagging Awesome Oscillator (AO) is also approaching the zero line, with receding green histograms, indicating a decline in bearish momentum.
A spike in selling pressure here could drop ETH down to $1,600 which is the 16% rally’s origin.
According to crypto trader RektProof and his Ethereum price fractal, a potential correction that crashes ETH back to the April 8 low of $1,380 is also possible.
Pundit Reveals Revisit of $1,300 is Not Unlikely
In a recent X post, crypto trader RektProof noted an Ethereum price fractal that had a similar uptrend that was followed by a steep correction. The crypto pundit adds “Being mindful with setups incase we start trading below.“
Although RektProof did not explicitly mention that ETH’s value will drop, he is considering the possibility of key levels to watch if the recent run-up may come undone.
Key ETH Price Levels to Watch
- The first key level to watch is $1,660, which is a level that should hold. If there isn’t proper reaction as price approaches this level, investors can expect price to slide lower.
- $1,380 is the next key point of interest, which coincides with higher timeframe equal lows. A sweep of this level is where the fractal suggests Ethereum price could form a bottom and restart the uptrend.
In conclusion, the outlook for Ethereum price is bullish after a near-17% rally, but a potential correction could be incoming. A failure to hold the aforementioned support levels could lead to steep crashes.
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