- Popular analyst forecasts that the market trend won’t last long.
- ETH has been on a bullish trend for the past 24 hours.
- A bearish trend starts on the 4-hour chart.
Michael Van de Poppe, a famous crypto analyst, explains that the positive market trend will last only a short time. Poppe analysis is based on weak indices from the market trend. He analysed that the ETH price can be pushed to $1907, but the bulls are vulnerable to a consistent bull run.
As the bulls and bears argue about price movements, it will take time to predict the future price of Ethereum. Although the technical indicators now favour the bulls, traders should be aware of the possibility of the reverse.
ETH technical analysis
According to CoinMarketCap, ETH has increased by 0.03% during the past 24 hours. As a result, at the time of writing, the price of ETH is $1,215.44. The price of ETH is still down 11.27% over the past week, despite the 24-hour surge.
The previously breached moving indicators are being retested by the decentralised smart-contract token, which offers a shorter period for traders wary of making a move.
This positive development is obscured by the Bollinger Band’s upward rise, which saw the upper band reach $1224 and the lower band reach $1206 on the ETH price chart. This movement suggests the end of the bearish trend as buying pressure rises. When the market price rises close to the top band, it often denotes that the bulls are in control and are about to launch a bull run.
The RSI is entering overbought territory on the 4-hour chart at 54.23, which indicates intense sell pressure. In the near term, ETH appears hostile. In the most recent hours, a red candlestick also exhibits a surge in sell orders pushing the price toward $1214.
However, there is support for the price at $1210, which will stop it from falling any further. As a result, we anticipate a slight price retracement.The retracement level at $1230 may be quickly reached if buying pressure picks up again.
On the other hand, a break below the $1210 level of resistance would reinforce the negative trend. In that case, the bears can push the price below the $1200 mark.
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