ETH will sweep lows at $1,500
- The price of ETH is establishing bullish momentum.
- Ethereum price showed bullish exhaustion on the relative strength index.
- Downtrend invalidation is an overshoot of $2,800.
Ethereum price is showing reason to believe in a “sweep the dips” event in the coming days. Merchants should approach blockchain smart contracts with caution.
Ethereum Price Looks Tired
Ethereum price hints at another ongoing price decline as the bulls failed to propel any substantial retaliation from the powerful decline displayed by the bears this month. The bears are continuously keeping ETH price suppressed, causing congested price action around the $2,000 level.
Ethereum price hints that the $2,000 support level will eventually break. The Relative Strength Index is showing clear negative reversal signals, showing that bullish attempts to reclaim the trend are barely fueled. One could read the indicator as Smart Money indifferent to trading at the current price level of $2000. If market conditions persist, bulls will eventually capitulate as weak hands will likely place their sell stops below $1,700. A second target is likely at $1,500, which if reached will shake traders off 2021 levels who have opted not to take profit.
ETH/USDT 12-Hour Chart
The downtrend invalidation lies at $2,800. If the bulls can break above this level, the price of ETH could climb all the way to $3,500, leading to a 75% increase from the current price of Ethereum.