Ethereum Price Prediction: Is ETH Nearing a Bottom or Heading to $1,100?

Ethereum’s price is currently around $1,615, following a correction from its 2024 highs. Analysts are debating whether this is a prime buying opportunity or indicative of a further decline. Predictions suggest ETH might drop to $1,100, while others argue it is in a favourable accumulation zone. Technically, ETH is at a crucial support level, facing resistance from significant moving averages.

The current Ethereum price is approximately $1,615, reflecting a 1.66% rise in the last day amid a notable correction from its 2024 peak. Market analysts are divided on whether this represents a prime buying opportunity or the onset of further declines. A pivotal issue is whether ETH can maintain critical support levels to facilitate a long-term rebound.

Despite recent gains, ETH’s longer-term trajectory appears bearish, having fallen over 21% in the past month, 41% over six months, and 51% year-to-date, according to TradingView data. Analysts are closely monitoring ETH’s performance against the broader market as it tests these key levels, raising questions about its cyclical bottom.

Crypto trader Heisenberg projects that Ethereum may retrace to around $1,100, a level he deems a significant buying opportunity. He communicated this viewpoint in a tweet, likening the current setup to historical price behaviour where market deviations lead to targeting major liquidity zones. Heisenberg advises potential buyers to consider acquiring ETH when it taps the 2022 cycle lows.

Conversely, analyst Ali suggests that ETH may already be situated within a historically advantageous accumulation range, supported by MVRV (Market Value to Realised Value) bands. Ali’s analysis indicates that Ethereum’s best purchasing opportunities arise when its price dips below lower MVRV bands, which is currently the case, signalling a potential long-term accumulation zone.

From a technical perspective, Ethereum is at a crucial juncture, with the weekly chart showing efforts to sustain prices above $1,600. The tightening Bollinger Bands indicate possible pivotal price action, with significant support around $1,153. However, the price remains below critical moving averages (50-week SMA at $2,871 and 100-week SMA at $2,578), acting as resistance and suggesting a prevailing bearish trend. Furthermore, low trading volume indicates buyer hesitation, complicating bullish prospects amidst this consolidation phase.