Ethereum Price Prediction: ETH Bounces Off Lows Near $2,500; Ready To Jump Toward $3,000?

By Rekha chauhan
March 5, 2022 Updated March 5, 2022
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ETH Active Addresses Divergence Remains in Bullish Area

Ethereum (ETH) price is hovering near $2,600 following three days of consecutive fall. EHT stabilizes after briefly falling below $2,500. In the previous attempt, the Ethereum price loose momentum as it approaches the mentioned level.

  • Ethereum (ETH) price trades with modest gains after three days of fall.
  • Expect a 12% upside from the current levels as price trades along ascending trend line.
  • Upside remains capped near 200-EMA at $3,200.

The ascending trend line from the lows of January at $2,159 acts as a support for the bulls. Furthermore, the higher highs along with the bullish slopping line suggest ETH’s price could take a leap toward $3,000 once again.

However, investors must overcome the horizontal hurdle at $2,750 to pave a way toward the highs of March 2 at $3,045.00.

Source: Trading View

Technical Indicators:

RSI: The daily Relative Strength Index is making an effort to pierce above the average line. Any uptick in the indicator would seek upside momentum in the pair.

MACD: The Moving Average Convergence Divergence (MACD) is hovering below the midline with a neutral bias.

Volume: The Volume Flow indicator is trading in the oversold zone. Even, a slight pullback in the indicator will push the price higher.

Above, $3,000 Ethereum price shall encounter the strong resistance barrier placed at 200-day Exponential Moving Average (EMA) at $3,230.

Alternatively, if the price breaks the bullish slopping line then ETH price will test February lows at $2,300.

On the weekly chart, strong support is placed around $2,224.54. If a broken fresh round of selling will be triggered toward the lows of July at $1,718.

Source: Trading View

The second largets cryptocurrency holds 24-hour trading volume at $12,439,650,838 as per the CoinMarketCap. ETH was last seen trading at $2,644 with 0.87% gains.

 

 

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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