What Will Ethereum’s Next Price Target Be?

Ethereum (ETH) rallied along with risk assets as investors felt concerns around US economic weakness and Fed rate hikes have cooled.

Ethereum rallied 8.31% on June 24 to $1,225, six days after falling below $880, its lowest level since January 2021. Overall, the rally delivers a 40% return for the bulls and reinforces a sustainable recovery for Ethereum.

Conversely, analyst @IamCryptoWolf fears that the bears will attempt to “push the price back to $1,047,” despite predicting a rally to $1,250 if Ether holds above its support line.

Ethereum has come under pressure from the Federal Reserve’s hawkish policy in 2022. But those concerns seem to be easing following the latest report from the United States’ aggregated purchasing managers, giving saw manufacturing activity fall to a five-month low.

However, Greg Peters, chief investment officer at PGIM Fixed Income, warns that the current rally in riskier markets may not last. He does not believe that “central banks will stop tightening if economies slow down.”

Ether’s rally on June 24 helped it break through the neckline of an inverted head and shoulders (IH&S) pattern.

Specifically, Ether formed an IH&S pattern after forming three bottoms below a common support level, known as the neckline. Also, the middle bottom is deeper than the other two bottoms, which are the same height or less.

Traditional analysts consider IH&S to be a bullish reversal setup, or they are confirmed after price breaks through their neckline. As a rule, the price can rise equivalent to the maximum height of the IH&S after the breakout.

As a result, Ethereum could rally towards the pattern’s target at 1,560, up almost 33% from the current price. Interestingly, the IH&S profit target coincides with ETH’s 200-4H EMA (green wave) near $1.537.

Based on market movements, it can be seen that Bitcoin is gradually regaining its dominance. We will wait for the BTC price if it can break through the $23,000 mark, then Ethereum’s move to the $1500-$1600 price zone will be obvious.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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