Etheruem Price Prediction: Challenges 0.23% Fibonacci Retracement At $2,800; Is Upside Over For Ethereum?

Ethereum price edges higher with minute gains. The price opened lower but quickly recovered to test the session’s high. ETH extends the recovery following the previous session’s sell-off.

• Ethereum price prints respectable gains on Monday.
• Expect a downswing in the price on a break below the 0.23% Fibonacci Retracement level.
• A daily close above $3,000 will set the direction for another leg up.

As of publication time, ETH/USD is trading at $2,898.05, up 1.32% for the day. The 24-hour trading volume stands at $13,934,780,993 as per the CoinMarketCap.

Ethereum price trades near crucial support

On the 4-hour chart, Ethereum’s price is struggling near the $2,900 mark after retracing from the $2,987.0 made on March 19. A renewed buying pressure will push the price into a higher trajectory toward $3,000.

Ethereum price is sitting comfortably above the 50-day and 200-day SMA (Simple Moving Average). Thus, making bulls comfortable about the upside momentum in the short-term.

A decisive close above the $3,000 crucial level will set the path for the horizontal resistance level at $3,200.

On the flip side, a fall below the 0.23% Fibonacci retracement level at $2,876.92 will reverse the current upside. On the downside, the interim target is placed at $2,795.22. Furthermore, a dive below the 200-EMA at $2,723.70 will find the support at $2,733.05.

ETH has depreciated nearly 65% from the record highs made on November 10. After breaking the crucial $3,200 support level, ETH tested a record low on January 22 at $2,301.60. Bulls attempt to break away from the support-turned-resistance on February 9 but failed to do so.

Technical indicator:

RSI: The daily Relative Strength Index approaches toward the average line with a bullish bias.

MACD: The Moving Average Convergence Divergence trades above the midline. An uptick in the indicator will make the bulls hopeful.