By Richard HinesCredibleCrypto, a crypto analyst, predicts that Ethereum’s price will fall below the $1100 resistance level very soon.
Prediction For Ethereum In 2023
From the beginning of the year, the cryptocurrency industry got off to a fantastic start, with Ethereum witnessing a jump in transaction volume on its network.
Another applaudable event is the reign of memecoins, which has taken the market by storm and given life to the Solana blockchain.
According to U.S. job statistics, a factor that influenced the crypto boom was a decline in the unemployment rate.
The U.S. Dollar index fell after a report on unemployment and employment rates in the United States was released.
This report created a surge of momentum in the crypto space, impacting the values of both Ethereum and Bitcoin.
Prices for these coins have recorded an increase for the past seven days.
The Crypto analyst, CredibleCrypto in a tweet stated that the current price of Ethereum is his earlier projection for the coin, and based on this projection, the price of Ethereum will record a dip after this period.
Is Now A Good Entry Point To Stack Ethereum?
The current price of Ethereum at the time of publication is $1264, and according to the analyst’s statistics, he expects a rally around $1200 as the Ethereum token attempts to break this resistance level.
However, the token will go below this resistance level in the following days,down to the $1100 critical support.
According to CredibleCrypto, the Ethereum token has been trading between $1200 and $1100 for a long time, and a drop below this level will have a critical effect on the market. According to his analysis, he predicts the coin will fall below the $1100 support level.
The analyst also revealed that whales are waiting for the $1100 entry point in order to stack more of this coin, so he does not recommend $1170 as an entry point for any investor.
CredibleCrypto concluded however, stating that following this rally downwards, the token would undoubtedly rebounce to its existing level.
Presently, there is little trading activity on the Ethereum network, although its token price has increased by 2% in the last 24 hours.
According to analysis reports, whales are waiting for a fall in price before entering the market and stacking up additional Ethereum tokens.