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- 1 Ethereum was currently at $1,678.07 with an increase of 4.65% during the intraday trading session.
- 2 The 24-hour low of ETH was $1,572.07 and the 24-hour high of ETH was $1,699.91.
- 3 The current Ethereum token price is above 20, 50, 100, and 200-Day EMA.
The pair of ETH/BTC was trading at 0.0687 BTC with a dip of 3.68% over the intraday trading session.
Ethereum price prediction suggests that it is currently in an uptrend after bouncing back from its primary support of $1473.53. From the start of 2022, the Ethereum token was in a bearish phase till August 2022 as can be seen from the daily trading chart. This indicates that the sellers were dominating from the start of 2022. After August 2022 buyers became hyper-active in the market which can be seen on the chart as the token broke its primary support and resistance even reaching its secondary resistance of $2028.52. But after testing its secondary resistance sellers pushed back the token below its primary support of $1473.53 and kept it there till the end of the year 2022.
After the start of 2023, the Ethereum token again started its upwards movement breaking its primary support on its way up. But after testing its primary resistance of $1729.00 the Ethereum token began consolidating between its primary support and resistance. The formation of the bearish hammer candlestick after a downtrend may cause the current bullish phase.
The coin’s volume has increased by 14.31% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of ETH, which represents strength in the current bullish phase.
Ethereum Price Technical analysis:
RSI is increasing overbougth zone and is showing a positive crossover which indicates that the buyers are coming in the majority and pushing ETH downwards. This suggests the strength of the current bullish trend. The current value of RSI is 59.88 which is above the average RSI value of 46.49.
The MACD and the signal line are increasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Ethereum price prediction suggests that it is currently in an uptrend after bouncing back from its primary support of $1473.53.But after testing its secondary resistance sellers pushed back the token below its primary support of $1473.53 and kept it there till the end of the year 2022. After the start of 2023, the Ethereum token again started its upwards movement breaking its primary support on its way up. The increase in volume shows positive market sentiment towards the token.RSI and MACD are increasing in an overbought zone and are showing a positive crossover which shows strength in the current uptrend.
Technical Levels-
Resistance level- $1729.00 and $2028.52
Support level- $1473.53 and $1059.49
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
