Claim BonusEthereum Price Prediction: Face Upside Risk Of 28% From $2,500, Is Bounce Back On The Cards?
Ethereum’s price is firmly holding its foothold near $2,500 on Tuesday. ETH’s price is whipsawing between $2,500 to the downside and $3,200 to the upside, in a trading range since January. Upside potential is evident as price found reliable support at $2,500.
- Ethereum’s price remains stable at around $2,500 with remarkable gains.
- Expect a bounce back with an ascent of 28% from the current levels.
- RSI gives bullish divergence since January 21.
Ethereum price sets for a bounce-back
Ethereum price set to make a comeback from the current levels as ETH is trading in a short-term trading range of $2,500 and $3,200. The formation of consecutive ‘Doji’ candlesticks around the support level indicates sellers are exhausted and waiting for the next signal.
However, buyers will meet many upside hurdles before tagging swing highs of $3,200. A resurgence in the buying pressure would see the first upside target at $2,800.
Furthermore, an acceptance above the 50-day EMA (Exponential Moving Average) at $2,907.03 is a prerequisite to taking out the ultimate target of $,3200.
On the flip side, a weekly close below the $2420 horizontal support level will trigger a fresh round of selling in the asset. The immediate downside target is placed at $1,718.41 levels last seen in July 2021.
Ethereum’s price witnessed a fall of 16% in the previous week, further it is still struggling at the critical support at $2,500. The broader crypto market sentiment is uncertain with volatility. Bitcoin price rejected below $40,000. ETH remains pressured below 50-day EMA since March 2 and headed toward the key mentioned key support area. However, buyers managed to keep a foothold and prevent a further drop in price.
Technical indicators:
RSI: The daily Relative Strength Index spot bullish divergence since January 2 while the price is consolidating near the current levels.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a negative bias.
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
- XRP News: Ripple Expands Custody Services to Ethereum and Solana Staking
- Bernstein Downplays Bitcoin Bear Market Jitters, Predicts Rally To $150k This Year
- Breaking: Tom Lee’s BitMine Adds 40,613 ETH, Now Owns 3.58% Of Ethereum Supply
- Bitget Partners With BlockSec to Introduce the ‘UEX Security Standard’ Amid Quantum Threats to Crypto
- Breaking: Michael Saylor’s Strategy Buys 1,142 BTC Amid $5B Unrealized Loss On Bitcoin Holdings
- Cardano Price Prediction as Bitcoin Crashes Below $70k
- Bitcoin Price at Risk of Falling to $60k as Goldman Sachs Issues Major Warning on US Stocks
- Pi Network Price Outlook Ahead of This Week’s 82M Token Unlock: What’s Next for Pi?
- Bitcoin and XRP Price Prediction as China Calls on Banks to Sell US Treasuries
- Ethereum Price Prediction Ahead of Feb 10 White House Stablecoin Meeting
- Cardano Price Prediction as Midnight Token Soars 15%
