NewsletterETH Price Prediction: Ethereum Price Eyeing $2000 Milestone Amidst Recovering Week; Enter Today?
ETH Price Prediction: Following a tied brawl on April 26th, leading to a long-range Doji candle, ETH prices continue a diagonally positive move. With a 2% rise this week, ETH prices manage to sustain above the 50 EMA in the weekly chart and the $1850 mark.
However, the growing FUD clouds over the crypto market question the possibility of a bullish reversal in the rising channel.
Key Points:
- The 2% recovery adds a pause to last week’s discount rally.
- The bullish recovery must stabilize above the $2000 mark to reinstate the uptrend.
- The intraday trading volume in Ether is $11.4 Billion, indicating a 38.5% gain.
Source- Tradingview
The desperation of Ethereum buyers to sustain above the $1800 level seemed difficult due to the 12% discount last week. However, as mentioned in the previous analysis, the buyers absorbed the selling to sustain above the weekly support trendline.
This week, the Ethereum price surged 2% and is currently trading at the $1900 mark. As more investors join the recovery rally, the ETH price is eyeing to hit the $2000 milestone. Sustainability above the $2000 mark will signal a significant rise in bullish health that can lead to a prolonged uptrend.
Also Read: 15 New Cryptocurrencies To Buy In 2023
Optimistically, the uptrend will drive the prices higher to the next resistance at $2138 or $2250 before facing any bearish encounter.
Conversely, another selling spree driving the prices below $1850, can be disastrous for Ethereum holders and spiral down the prices to $1775.
Technical Indicator
Relative Strength Index: The daily RSI line shows a lateral recovery as it crosses above the halfway line after abruptly reversing a downtrend.
Exponential Moving Average: With another bullish spark, the death cross, or the bearish crossover of the 50 and 200 EMA lines in the weekly chart is delayed for now.
Ethereum Coin Price Intraday Levels-
- Spot rate: $1904
- Trend: slow recovery
- Volatility: Low
- Resistance level- $2000 and $2138
- Support level- $1850 and $1775
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