NewsletterEthereum Price Prediction: Moves Toward 50-day EMA At $2,880, Is $3,200 Next On Bull’s Radar?
Ethereum price extends the previous session gains on Wednesday. However, ETH is still hovering below the psychological $2,880 mark. Still, Ethereum’s price has room to go higher once a decisive close above the bearish slopping line extending from the highs of $4,759.
- Ethereum price creeps higher on Wednesday.
- The upside is capped near the descending trend line at $2,880.
- However, momentum oscillators tilt in favor of a bullish outlook in the short term.
As the U.S session begins the price experience some retracement from the higher levels but still trades with a positive bias.
Ethereum price still needs confirmation to move higher
Ethereum price is trading higher with significant gains but witnesses a little pullback from the higher levels. A continued buying pressure is required to close above the psychological $2,800 mark.
The upside momentum is expected to continue in the short term as buying pressure remains consistent. As a result, the first upside hurdle from the current levels could be located at $2,830. ETH price must give a daily close above this level along with above-average volumes.
Next, ETH bulls will face some resistance at the 50-day EMA (Exponential Moving Average) at $2,880.
Expect a windfall gain as the price will prepare for a jump to a $3,200 horizontal level following the attainment of $2,880 mark. This will be a crucial milestone for the bulls.
Investors will further look for additional gains toward the critical 200-EMA placed at $3,545.78.
On the flip side, a rejection toward the descending trend line will invalidate the bullish outlook for the asset. The immediate downside target could be found at $2,400.
Technical indicators:
RSI: The daily Relative Strength Index reads at 49 above the average line. However, the bullish divergence since February 22 capped the downside in the price.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a neutral outlook.
- Do Kwon Faces Up to 12 Years in Prison Over ‘Colossal’ Role in $40B TerraUSD Collaps
- ProShares Drops 3x Bitcoin, Ethereum, XRP ETF Plans After SEC Pushback
- Bitcoin Eyes Fresh Demand as Indiana Advances Bill for Crypto Investments
- Crypto Bill Markup Unlikely This Month Amid DeFi, Stablecoin Yield and Conflict Disputes, Expert Says
- Breaking: U.S. PCE Inflation Rises To 2.8%, Bitcoin Falls
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
- Is Cardano Price at Risk of a 50% Crash Ahead of the Midnight Launch?
- Is Chainlink Price Headed for $20 as Reserves Pass 1M LINK?
- Ethereum Price Breaks Out of Falling Wedge: Next Target Now Set at $5K
- Is ZCash Price Set for a Bigger Rally After Its 10% Surge on the Bitget Listing?
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.
Premium Partners
