Ethereum Price Prediction: Sits At One Week High Near $2,780; Road To $3,200 Clear Now?

Rekha chauhan
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Ethereum

Ethereum price extends the previous session’s gains on Thursday. ETH trades in a very tight range with the underlying bullish current.

  • Ethereum price makes consolidated but positive moves.
  • A decisive close above $2,780 will bring $3,200 on the investor’s radar.
  • ETH sits above critical 50-day and 200-day SMAs on the 4-hour chart.
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Ethereum price awaits another leg up

Source: Trading View

Ethereum price attempts to push higher to score more gains. On the 4-hour chart, ETH is comfortably sitting above both the 50-day and 200-day SMA (Simple Moving Average) at $2,601.32 and $2,730 respectively. ETH attainted the psychological $2,750 on Wednesday. The breakout is confirmed as the price retest the mentioned level once again. Further, a daily close above $2,750 will set the basis for the next directional bias.

Ethereum price must face an upside hurdle to print further gains. Moving ahead, bulls will face the first upside struggle at the descending trendline, which extends from the highs of $3,394.45. The bearish slopping line acts as a strong resistance for the asset. Ethereum’s price tests the immediate upside target at $2,854.

Trending volume shows a positive trend in correspondence to the price. Thus, a strong conviction for the next upside probability. A continuation of the strong buying pressure set the stage for the psychological $3,000 mark.

An acceptance above $3,000 will fuel the hopes for another leg up as it remains a crucial level to trade. An extended buying power will bring the horizontal $3,200 level in play.

On the contrary, a failure to sustain $2,750 with a shift in buying sentiment might drag the price back into the trading channel. The first downside target could be located at the 50-day SMA at $2,640.

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Technical indicators:

RSI: The Relative Strength Index reads at 64 suggesting the strength in the upside momentum.

MACD: The Moving Average Convergence Divergence advances north above the midline.

As of press time, ETH/USD is trading at $2,773, up 0.59% for the day. The second-largest cryptocurrency 24-hour trading volume holds at $15,344,237451.

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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.