Ethereum Price Prediction: Moves Toward 50-day EMA At $2,880, Is $3,200 Next On Bull’s Radar?

Rekha chauhan
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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.

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Ethereum price still needs confirmation to move higher

Source: Trading View

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.

 

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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.