Ethereum (ETH) price looked set for a rebound, but the Fed forged that plan, and now ETH price action needs to correct further to attract investors back. Although the descent has been painful for plenty of bulls, there appears to be light at the end of the tunnel as A very thick band of support is set to kick in, together with a few technical fundamentals. Expect next week for ETH price to dip another leg lower, around 20%, towards $2,000, but then start an uptrend as bulls will jump on the historical level.

Ethereum price is almost identical to Bitcoin, except that ETH is above Senkou Span B on its weekly Ichimoku chart. Ethereum must close its weekly candlestick above $2,350, or it will enter into the weakest position since 2019. However, bulls are positioned to invalidate any bearish continuation. Two trade setups for both sides of the market are now present.

The first theoretical trade for Ethereum price is a buy stop order at $2,550, a stop loss at $2,350, and a profit target at $3,250. The trade setup represents a 3.5:1 reward/risk. A two-box trailing stop would help protect any implied profit made upon the entry triggering. Additionally, expect some resistance around the $3,000 to $3,050 value areas as they close to the bear market trend line (red diagonal line).

The long idea is invalidated if Ethereum price prints an O at $2,300.

On the short side of the trade, the hypothetical setup is a short entry at $2,300, a stop loss at $2,700, and a profit target at $1,200. The profit target is a bit of a caveat on this trade setup: it’s not likely to get to the projected zone despite it being within the range of profit projection in Point and Figure analysis.

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