Ethereum Price Prediction from Bloomberg analyst
McGlone pointed out that if Ethereum falls to the $1,000 level, it could signal a broader market downturn, as other assets could follow suit.
In recent weeks, Ethereum has seen its momentum evaporate. The current conditions, along with external pressures like the US-China trade conflict, make further declines toward $1,000 seem plausible. With the ongoing trade tensions, especially President Trumps imposition of retaliatory tariffs, the cryptocurrency market remains highly volatile.
Ethereums Oversold Indicators Point to Potential Rebound
Despite the worrying outlook, Ethereums chart provides some hope for traders. The altcoin is currently showing signs of being oversold, especially on its one-day chart. ETHs Relative Strength Index (RSI), which is around 25, is deep in oversold territory, indicating that the market might be overstretched and primed for a recovery.
Additionally, the 30-day moving average (orange line) has dipped significantly below the 200-day moving average (blue line), which historically suggests that a rebound is on the horizon. This setup reflects the technical potential for Ethereum to regain upward momentum in the near future.
Longer-Term Outlook: Waiting for the Final Bottom
Looking at the one-week chart, the picture is somewhat similar, though it suggests a longer wait before Ethereum hits its final bottom. The weekly RSI is approaching the 30-mark, signaling that a price reversal could be near, though its not there yet. Additionally, the 30-week moving average is still above the 200-week average, pointing to the possibility of further consolidation before a potential recovery.
This aligns with the broader market trends, which have been deflated due to US President Trumps aggressive tariff policies. While theres hope that the US might negotiate more trade-friendly deals with other nations in the future, such an outcome remains uncertain. This uncertainty could keep Ethereum and other cryptocurrencies under pressure, making a drop to $1,000 a real possibility in the short term.
Outlook: Ethereums Fate Hinges on External Factors
While Ethereums chart signals potential for a rebound, external factors like ongoing trade disputes and market sentiment will heavily influence its future price action. Traders and investors will have to keep a close eye on these developments as they could shape Ethereums trajectory in the weeks ahead.
The post Ethereum Price Prediction from Bloomberg analyst appeared first on Coindoo.
Read more: https://coindoo.com/ethereum-price-prediction-from-bloomberg-analyst/
Text source: Coindoo
