Ethereum Price Prediction: ETH Price May Jump 20% From Key Support, Downside Remains Capped Near $2,500

Rekha chauhan
Updated
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Ethereum

Ethereum price is trading with a positive bias on Monday but hovers in a very tight range. ETH must break the short-term price consolidation of $2,500 and $2,800 with strong volumes to decide further course of action. The formation of alternate red and green candlesticks near the support zone indicates indecision among investors.

  • Ethereum price trades higher amid range-bound trade.
  • Expect an upside of 20% if breaks above the descending trend line.
  • The momentum oscillators remain neutral with no clear directional bias.
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Ethereum price looks for directional set up

Source: Trading View

On the daily chart, the Ethereum price face multiple rejections near the crucial 50-day EMA (Exponential Moving Average) first near $3,274.0 thereafter at $3162.35, and finally at $3,040.70. In addition to that, every time the formation of a ‘red’ candlestick indicates the momentum of the selling pressure.

However, it is interesting to watch that sellers are accumulating the altcoin near the stable support zone of $2,500 with a brief breach of the level on February 24. Ethereum price is making higher with limited upside gains since ETH tested all-time lows on January 24 at $2,159.0.

Currently, the price is oscillating near the familiar support zone, a bounce-back is expected in the ETH first toward the 50-day EMA at $2,847.66.

A renewed buying pressure could fuel the further upside in ETH/USD to test the $3,200 horizontal resistance line that will also mark the crossing of the critical 200-EMA.

On the contrary, a spike in sell order or if the buyers are not convinced of the upside momentum Ethereum price could crash to February lows of $2,300 in that scenario.

Technical indicators:

RSI: The daily Relative Strength Index is oscillating near the average line since February 11. Any uptick in the indicator could push the price higher in the short term.

MACD: The Moving Average Convergence is still trading below the midline with no clear directional bias.

As of writing, ETH/USD is trading at $2,573, up 2.25% for the day. The 24-hour trading volume of the second largest cryptocurrency holds at $11,164,596,101.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.