Ethereum Price Prediction: ETH indicates comeback to sub $3,500

Saif Naqvi
Source: unsplash

Ethereum’s on-chain metrics have started to show some positives after a brutal past week that accounted for a 17% capital loss. The Awesome Oscillator’s twin peak setup and MACD’s steady recovery presented chances of a brief upswing moving forward. At the time of writing, ETH traded at $3,099, down by 1.5% over the last 24 hours.

Ethereum 4-hour chart

Source: TradingView

Ether was trading close to the upper boundary of its down-channel- a pattern that emerged following a broader market sell-off on 5 January. For the moment, an immediate breakout would likely be rejected since the 24-hour buy volumes were not encouraging. However, a higher low formed at $3060 could reignite buying interest and trigger a breakout.

This would also give time for the RSI and Awesome Oscillator to overcome the resistance around their mid-lines. A highly bullish outcome would see ETH cap a 14% upswing to its 61.8% Fibonacci level, hovering around $3,486. The daily 200-SMA (not shown), which coincided with 61.8% Fib, would halt any further advancements unless a broader market rally offers support.

Should ETH slip below $3,060, a lower low can be expected around $2,900. The market would be exposed to another sell-off if bulls fail to hold ETH above this support.


The Awesome Oscillator’s higher lows suggested that ETH bears were losing steam over the last couple of days. A bullish twin setup was an encouraging sign as it is usually spotted before an incoming price surge. However, it was worth noting that ETH traded below its daily 200-SMA (green), and bullish setups are often discounted when short-selling is a threat.

The MACD was amidst a steady recovery after tagging over a 3-month low on 7 January. Similar to the Awesome Oscillator, the MACD needed to recover above its half-line for safer long bets.


Ether looks promising but it needed to close above its channel to generate more bullish momentum. Until then, any long bets made would carry a high degree of risk.

Previous Post
Euler Finance allows Shiba Inu investors to earn interest on their holdings

Shiba Inu Investors can now earn Interest on their SHIB holdings, Here’s How

Next Post

Bitcoin, Ether register large institutional outflows; another market dump incoming?