Categories: Altcoin News News Price Analysis

Ethereum Price Analysis: ETH Price Nurtures Uptrend to $2,500; Brushes Shoulders with $2,200

advertisement

  • ETH price holds onto crucial support at $2,100 after trading a record high at $2,200.
  • Consolidation is likely to increase based on the MACD.

ETH Price reclaimed the position above $2,000 last week after a correction that tested the support at $1,930. Numerous buy orders were triggered, allowing bulls to push for new all-time highs. ETH price shot upward, but the momentum fizzled out, hitting a barrier at $2,200.

advertisement

Ethereum Price Analysis: ETH/USD 4-hr chart

ETH/USD chart by Tradingview

A break above the record high of $2,200 would lead to more buy orders as investors join the market. Speculation is likely to shoot as Ethereum heads toward another high at $2,500. Many –technical analysts believe that ETH price is not done with the spike to new highs. Gains past $2,500 will bring it close to $2,700.

Ethereum Eyes Consolidation

At the time of writing, Ether exchanges hands at $2,150 after recovering from the support established at $2,100. The 50 Simple Moving Average (SMA) also contributed to the support. For now, this buyer congestion zone is key to the uptrend.

advertisement

The Moving Average Convergence Divergence (MACD) indicator suggests that Ethereum has settled for sideways trading action. This indicator identifies positions to buy the dip and sell the top. As the MACD line cross above the signal line, traders are advised to buy. On the other hand, crossing under the signal line implies that ETH price is falling fast into the bears’ hands.

Meanwhile, the MACD levels at 24, hinting at the trend remaining sideways in the short term. Traders should look out for the direction the indicator makes to trade Ethereum properly. However, the MACD cannot be used on its own and needs the support of other indicators or technical patterns.

ETH Price Intraday Levels

  • Spot rate: $2,150
  • Trend: Consolidation
  • Volatility: Low
  • Support: $2,100, $2,000 and $1,900
  • Resistance: $2,200

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Share

Recent Posts

  • Press Release

Crypto Banter Will Give Away Over $500,000 To 10 Eligible Community Members

Cape Town, South Africa, 8th May, 2021, Banter Bags is a unique project in the…

6 hours ago
  • News
  • Regulation News

Just-In: SEC Chair Gary Gensler Testify on GameStop Trading Saga, Talks About Regulating Crypto Market

SEC chairman Gary Gensler along with several other financial experts testified before the Financial Services…

9 hours ago
  • Altcoin News
  • News

Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest

The world's second-largest cryptocurrency continues its massive journey adding another 7% gains today. A few…

9 hours ago
  • News
  • NFT News

Breaking: LarvaLabs’s Meetbit Collection Exploited to Mint $700,000 NFT Collectible

Larva Labs, a popular NFT developer was at the receiving end of an exploit that…

11 hours ago
  • DeFi News
  • News

BSC Based ValueDefi Exploited For $11M by Scammers

ValueDefi, a Binance Smart Chain based Defi protocol has become the latest protocol on BSC…

11 hours ago
  • Exchange Reviews

FixedFloat Review: The First Bitcoin Lightning Network Compatible Digital Asset Exchange

Despite being one of the youngest cryptocurrency exchanges available, FixedFloat has already established itself as…

12 hours ago