Ethereum Price Prediction: Recession To $2.5K On The Way?

As we saw in this range from the previous downtrend, Ethereum plummeted. However, while buyers weighed in at $2,600, they missed breaking above, which points to hesitation in the market.

That said, given that buyers came in around here, there is demand at this level. If Ethereum breaks above the $2,850 resistance, it may take it to $3,000 and above.

On the other hand, a breakdown below $2,600 may lead the asset to further down towards $2,400 or even $2,200.

According to the Money Flow Index (MFI), the outlook is neutral to slightly bullish, with a value of 57.30.

The MFI is back within the 20 – 80 oversold/overbought region. This shows that there is currently no strong buying or selling pressure on the token.

So far, the MFI trend has slightly increased from a mild accumulation. However, we havent seen a strong bullish breakout quite yet.

Ethereum is in a prolonged consolidation, which puts it at a critical juncture. The range must be broken decisively for the next major trend to be confirmed.

A bullish sign would be bulls pushing ETH/USD above $2,850. However, the lack of holding $2,600 as support could result in Ethereum retesting lower levels, with $2,400 and $2,200 as target levels.