CryptoKaleo, a prominent crypto analyst on Twitter, has made a bold prediction regarding the future of Ethereum’s price. According to the expert, the value of Ethereum is expected to experience a temporary dip, dropping to $1,600 before making a strong comeback towards the $2,400 price range. This anticipated decline is believed to represent a retest of the pre-LUNA/UST liquidation breakdown level. As always, it’s important to exercise caution and keep a close eye on market trends, but CryptoKaleo’s insights are worth considering for those invested in cryptocurrency.
Kaleo expertly conveyed his stance by utilizing a daily chart of ETH/USD, effectively showcased the significant price movements of Ethereum since mid-2021. With precision, Kaleo pinpointed key events such as the impressive rally of Ethereum from July to November 2021, where the ETH price surged towards the $4,700 mark after a rebound from the $1,600 region.
According to Kaleo’s astute chart analysis, the pinnacle of the rally marks the inception of a downward trend that persisted until March 2023. Additionally, the analysis indicates that the horizontal support has now transformed into a resistance, given the current price of ETH. These findings are a testament to Kaleo’s professional expertise in market analysis.
After surpassing the downtrend trendline, Kaleo predicts that ETH’s price will undergo a consolidation phase and retreat to retest the horizontal support level established a year ago. This support level was established following the notorious LUNA crash in May 2022, triggered by the unstaking of over $2 billion worth of UST. Consequently, investors liquidated hundreds of millions of dollars worth of investments swiftly.
As per Kaleo’s analysis, ETH is expected to rebound from its current support level and strongly push towards the resistance at $2,400. The astute analyst also predicts that Bitcoin’s price trajectory will mirror Ethereum’s, with a dip towards the $24,000 price range before rallying to retest the $40,000 price region. These insights provide valuable guidance for investors seeking to make informed decisions in the volatile cryptocurrency market.
Currently, the value of ETH has breached the nearby support level of $1,787 and is currently being traded at $1,761. Should the price continue to decline, it may reach the subsequent support level of $1,687, thereby validating Kaleo’s forecast of a price dip.
