Ethereum (ETH) Price To Consolidate Until Mid-2022 ? Here’s What Traders Can Expect – Coinpedia – Fintech & Cryptocurreny News Media

The crypto market is doing another attempt at recovery after previous failed attempts. Although it trades in green this morning, BTC is stuck at $47,570 and ETH has slid below $4K. Most other alts on the chart still continue to trade in red. 

After a failed attempt to settle above the 9-day moving average, ETH dropped below $3900. It is trading at $3935 at the time of writing, down 0.6% percent from its daily high of $4043.

Bears have been holding the market price below the 9-day and 21-day moving averages for the past few days, seeking to touch the potential $4100 resistance level.

According to the daily chart, a break above the $4100 resistance level will likely propel the Ethereum price higher towards the key resistance levels of $4200, $4400, and $4600.

On the downside, the Relative Strength index (14) is bearish, but it is currently below the 45-level. However, if the $3900 level fails to hold in the session after opening today, the first support is at $3800. 

Ethereum Predictions for 2022

Benjamin Cowen, a cryptocurrency analyst and trader, has revealed his predictions for Ethereum (ETH) in 2022.

Cowen tells his YouTube viewers in a new strategy session that Ethereum has been in a consolidation period for the better part of 2021. 

To gain a sense of what might happen next for ETH, the analyst examines past consolidation periods in 2016 and 2017, both of which were followed by big upside breakouts. According to Cowen, Ethereum is expected to go through a combination of these two phases today. 

” I would expect Ethereum to put in all-time highs in 2022 and potentially continue moving on into 2023, but I think it is highly speculative to count on that at the moment.”

Ethereum’s current consolidation period, according to Cowen, is comparable to that of 2016 in that it is stuck within a 2x window. While the price of ETH fluctuated between $8 and $16 in 2016, it has been stuck between $2,000 and $4,000 for most of 2021.

According to the analyst, Ethereum’s consolidation might persist until mid-2022, but a breakout is the most likely outcome.