Claim BonusEthereum Price Prediction: Ethereum (ETH) Bounces Off Towards $2,700, Is $3,200 Next?
Ethereum (ETH) price makes remarkable gains in the U.S session as the fresh trading week begins. ETH price may continue to ride higher to discover crucial levels of resistance as it found reliable support around $2,500. The Journey toward $3,200 will not be an easy task for bulls as ETH price will face multiple hurdles before tagging the psychological mark.
- Ethereum (ETH) price edges higher on Monday.
- Price bounces off from a short-term support level near $2,500.
- Momentum oscillators give mixed signals with no clear bias.
Ethereum price looks for an upside
Ethereum price formed multiple support barriers near the $2,500 mark on the daily chart, suggesting a short-term bounce back from the current levels. As price briefly test $2,489 and quickly reclaim the $2,600 level with above an average volumes in today’s session.
The immediate first target is placed at Friday’s high of $2,835.95.
Further, an acceptance above 50-day EMA (Exponential Moving Average) at $2,912.51 will bring $3,200 in play.
On the flip side, if selling pressure increases, Ethereum’s price may face immediate support at the horizontal support line at $2,425.82.
Next, an additional foothold will emerge at the lows of January 24 at $2,159. Further selling pressure may stimulate the sellers to revisit $1718.41 levels last seen in July, the long-term optimistic outlook may be invalidated.
Technical indicators:
RSI: The daily Relative Strength Index (RSI) has continuously traded lower since February 15 while trading below the average line. Currently, it reads at 41.
MACD: The Moving Average Convergence Divergence (MACD) coincides with RSI with a negative bias.
OBV: The On Balance Volume rides higher as the price moves north.
In conclusion, Ethereum (ETH) is in a long-term downside trend. But it might continue with its consolidation of $2,500 and $3,200 before a clear directional bias.
As of press time, ETH/USD is trading at $2,608, up 2.28% for the day.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Breaking: Binance, Franklin Templeton Launch Tokenized Fund Collateral for Institutions
- Mysterious Activity Detected in Bitcoin Address Linked To Nancy Guthrie Ransom Note
- Bitget Cuts Stock Perps Fees to Zero for Makers Ahead of Earnings Season, Expanding Access Across Markets
- South Korea’s Bithumb Probed by Lawmakers as CEO Blames Glitch for $40B Bitcoin Error
- Robinhood Launches Public Testnet for Ethereum Layer 2 ‘Robinhood Chain’
- Ripple Price Prediction As Goldman Sachs Discloses Crypto Exposure Including XRP
- Bitcoin Price Analysis Ahead of US NFP Data, Inflation Report, White House Crypto Summit
- Ethereum Price Outlook As Vitalik Dumps ETH While Wall Street Accumulates
- XRP Price Prediction Ahead of White House Meeting That Could Fuel Clarity Act Hopes
- Cardano Price Prediction as Bitcoin Stuggles Around $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
