Ethereum Price Prediction – ETH Forms Rare 'Death Cross' Pattern Last Seen in 2022

Ethereum has risen slightly to $2,447 today, making this move against the backdrop of the crypto market generally losing 3% in the past 24 hours. The ongoing instability in the Middle East has made the market quite unstable this week, while today's news about Judge Torres rejecting the final agreement between the SEC and Ripple has also put pressure on prices. Therefore, ETH is still down 2% in a week and 8% in a month, with the two-week chart forming a very negative death cross that may indicate further losses. However, such intersections occur before the weaker players exit the game, and with the underlying fundamentals of Ethereum still strong as ever, the long-term price prediction for ETH remains optimistic. Ethereum Price Prediction – ETH Forms Rare 'Death Cross' Last Seen in 2022 – What’s Happening? When looking at the two-week chart of ETH, we can see the 20-period moving average (in orange) has just fallen below the 50-period moving average (in blue), following the decline of this coin since the beginning of the year. And if you turn back time, you can see that the last time these two moving averages formed a death cross was in September 2022, when the price of Ethereum fell from around $1,750 to $1,150 in December.

This is a decrease of 34%, implying that we may soon witness a similar decrease in the coming weeks and months. There are other similarities with the second half of 2022, such as the fact that the moving average convergence divergence of Ethereum ( orange, blue) has recently turned negative. And after turning negative in mid-2022, the price remained below the baseline for about a year, as ETH struggled to regain the highs reached at the end of 2021. Of course, past models do not guarantee the future and it can be argued that the circumstances this time are different, with a White House that supports cryptocurrency. But we can also argue that, with the tense situation in the Middle East, the crypto market may face shocks that pull the price of Ethereum down. On a more positive note, we can also argue that the death cross on the two-week chart of ETH marks the beginning of a final consolidation phase leading to new growth. And because Ethereum is still the largest layer one network in terms of TVL, this is an ideal position to develop back when the conditions are more favorable. Based on this, we can expect that after a decline in the coming weeks, the price of Ethereum will return to $3,000 in Q4 and $3,500 by the end of the year.