Ethereum Price Prediction: ETH Price Aims For $4,000 On A daily close Above $3,200

By Rekha chauhan
March 24, 2022 Updated March 24, 2022
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Ethereum

Ethereum’s price extends the previous session’s gains and tested the $3,100 mark. The price looks for further gains beyond the critical 200-day EMA.

  • Ethereum price trades higher with remarkable gains.
  • A decisive break above the 200-EMA will set the road for $4,000 next.
  • ETH price approaches monthly highs near $3,190.

Ethereum price test one-month high

Source: Trading View

On the daily chart, the Ethereum price surged 35% from the lows of vital support placed around $2,500. Furthermore, the price also moved above the 50-day EMA (Exponential Moving Average) at $2,846.08. Currently, ETH is just a tad below another critical moving average the 200-EMA. Another important consideration is the volumes. The rise in price is deeply supported by the above-average volumes. This sum ups to a strong bullish undercurrent in ETH.

Now, a daily close above the 200-EMA at $3,147.73 would break the short-term range for the asset. ETH traded in a trading range of $3,274.00 and $2,500. Investors will meet the next crucial hurdle at $3,600.

Next, a continuous buying momentum will push the price toward the psychological $4,000 level.

On the contrary, if the price fails to sustain the session gains then it might fall back to the 50-day EMA at $2,856.57. A daily close below the mentioned level would further explore the old support at $2,500.

As of writing, ETH/USD trades at $3,111.09, up 2.36% for the day. The 24-hour trading volume of the second largest cryptocurrency holds at $18,973,504,133 according to the CoinMarketCap.

Technical indicators:

RSI: The daily Relative Strength Index is trading at 61 above the average line with a strong upside bias.

MACD: The Moving Average Convergence Divergence is hovering above the midline signaling an underlying bullish current.

Trading volume: The On Balance Volume (OBV) indicator is rising in accordance with the price.

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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