The post Ethereum (ETH) Price To Hit $2000 Before Plunging 37% – Analyst Maps The Watch Levels appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The bulls ultimately succeeded in driving the price of Ethereum higher after multiple failed attempts. Ethereum, however, is still unable to surpass the significant barrier range between the $1,700 to $1,800 levels. With a bullish bias still present, the price is swaying above $1,700. The price is fluctuating within a very small trading range, but the bears are attempting to push the token lower.



Analyst Issues Warning for ETH – Ethereum Price




if $eth makes a new high here on the weekend it sets up for a 5 wave move complete on daily and a potential top in the new week when legacy markets open "if" it confirms with a new high some good longer term buying opps should present around the 1270 mark in the coming month. pic.twitter.com/Sa0tLiIEba — Bluntz (@SmartContracter) August 5, 2022




During the 2018 bear market, the cryptocurrency analyst who correctly called the bottom for Bitcoin (BTC) sent a warning to Ethereum owners. 



Leading smart contract platform Ethereum appears to be headed for an exhaustion rally to over $2,000 before shedding more than 36% of its value from the high, according to pseudonymous crypto expert Smart Contracter.



If ETH reaches a new high here over the weekend, it positions itself for a five-wave advance to finish on the daily chart and a potential peak when legacy markets open the following week. Some attractive longer-term buying chances should emerge around the $1,270 level in the upcoming month “if” it verifies with a new high.



Pentoshi, a fellow crypto expert, concurs with Smart Contracter’s assessment of ETH. According to Pentoshi, who has 592,300 Twitter followers, Ethereum will probably correct as it struggles to maintain its momentum at a significant resistance level.



“I love a good doji on the weekly. What often follows after it gets into resistance? You can make an argument that weakness is being shown at resistance. You wouldn’t believe what comes next.”



While popular cryptocurrency strategist Altcoin Sherpa is bullish on Ethereum, Smart Contractor and Pentoshi are bearish. Sherpa believes Ethereum has a decent chance of maintaining its bullish trend if it can overcome resistance above $1,700.



If Ethereum is accepted into this area, I believe we could witness a rise to highs in the low $2,000 range. In my opinion, if this occurs, everything keeps pumping as ETH/USD dominates the market.