“””ŽEthereum starts downside correction amid mind-blowing forecasts of 4,300% growth

• Some experts believe that ETH/USD will reach $10,000 some day.
• At the time of writing, ETH/USD is moving within a short-term range.

‏‏Ethere‎um, the second-largest digital asset, is changing hands at $224.24, off the recent high of $230.58 hit on Sunday, which is the highest level since August 2019. By press-time, ETH/USD has lost 2.4% since the beginning of the day and 1.8% on a day-to-day basis.
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‏‏A trip to the moon‎?

A popular cryptocurrency analyst expects that the second-largest digital asset jumps by as much as 4,300% and hit $10,000 in a massive bull cycle.

Bitcoin Macro, a position trader based in Switzerland, gave his forecast in a reply to one of his followers’tweets. However, he also added that this is not a year-end forecast.

Not EOY, but I expect ~$10k next bull run.

The launch of the long-awaited Ethereum 2.0 may serve as a bullish trigger that will set things in motion. According to the recent Ask Me Anything session on Reddit, the developers are certain that “phase 0” of Ethereum 2.0 will be launched in 2020, probably by July. This is a major network update that will bring a lot of improvements and switch ETH to proof-of-stake model.

ETH/USD: The downside correction may be extended

On the intrady charts, ETH/USD topped at $230.58 and started the downside correction. The coin broke below SMA50 1-hour at $225.00 and tested support created by SMA100 1-hour at $221.00. This area slowed down the bearish momentum and allowed the price to recovere to $223.00. 

Considering that the RSI on 1-hour chart has reversed from an oversold territory and flattened, ETH/USD may enter a short-term consolidation phase. However, a sustainable move below $221.00 and $220.56 (the intraday low), will increase the bearish pressure and push the price towards SMA50 4-hour at $206.22. Notably, the RSI on a longer-term timeframe points to the downside, which increases the chance of the downside breakthrough outside the range. 

On the upside, we will need to see a sustainable move above $230.00 for the upside to gain traction. This area is reinforced by 23.6% Fibo retracement daily and closely followed by the upper line of 4-hour Bollinger Band at $231.41. Once it is out of the way, the upside is likely to gain traction with the next focus on $239.00 (Pivot Piint 1-week Resistance 1).

ETH/USD 4-hour chart