Cryptocurrency analysts are offering diverging views on the near-term price outlook for Ethereum (ETH) as its upward momentum shows signs of slowing after a strong rally in 2023 so far.
Key Takeaways
- Trader Ali points to a sell signal on the 4-hour chart that could lead to a correction to $2,530 or $2,450.
- However, chartist BACH remains bullish on Ethereum in the short term.
- BACH sees ETH breaking out of its daily bull flag and reaching $3,500–$4,000.
In a recent tweet, prominent crypto trader Ali highlighted a bearish TD sequential indicator on the ETH 4-hour chart. According to Ali, this sell signal could foreshadow a 1–4 candle correction. If validated, this would imply an Ethereum price pullback to around $2,530, or possibly as low as $2,450.
However, analyst BACH offered a contrarian upbeat outlook on ETH in his latest tweet. BACH sees Ethereum showing positive relative strength and getting ready to break out of its daily bull flag pattern.
He maintains a firmly bullish bias, calling for Ethereum to continue higher and hit initial targets between $3,500 and $4,000, which would represent a roughly 15–30% upside from current levels.
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Show more +So analysts remain divided on whether Ethereum will continue its strong 2023 performance or is due for a cooldown in the short term. The mixed predictions likely reflect uncertainty around sustaining the positive market momentum behind ETH so far this year.
With signs of slowing bullish momentum but no clear bearish catalyst, traders seem poised for increased volatility and more complex price action ahead. The degree of bullish continuation versus bearish pullback for Ethereum may hinge on breaking technical levels on both sides.
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