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- 1 Ethereum Price prediction suggests the uptrend might continue.
- 2 ETH price broke out of previous 6 months high and sustained above $1700.
- 3 Ethereum price is trading above the 50 and 200 day EMA and displayed a golden crossover.
Ethereum price prediction suggests a rise in the long term implying that the upward momentum will continue in coming months. Ethereum price has recovered nearly 30% from the recent swing low at $1370.00 and succeeded in breaking out of the previous 6 month high. ETH price formed a bullish hammer candle near $1370 and managed to climb above the 200 day EMA indicating that the positional trend is still in the upward direction.
Ethereum price is currently trading at $1810 with an intraday gain of 1.17% and 24 hour volume to market cap ratio at 0.0573. The pair of ETH/BTC is trading at $0.065904 with an intraday gain of 0.88%. In January, Ethereum price formed a double bottom pattern and broke out of the neckline hurdle.
ETH price began to rise by forming higher high candles and reached the Pre – FTX collapse level which acted as a hurdle for the bulls. However, Ethereum price was able to sustain above $1500 level but failed to give the follow up momentum. ETH price consolidated for a few weeks in a narrow range and showed signs of base formation. During the range bound movement, it also faced minor profit booking from the resistance levels but bulls succeeded in defending the $1500.00 support. In March, overall market sentiment turned highly bearish due to the collapse of Silvergate Bank and Silicon Valley Bank. ETH price dropped below the lower range. However, ETH price witnessed a massive spike in the buying volume and bulls successfully bounced back from the lower levels.
Will Ethereum Price Hold the $1800.00 Level ?
Ethereum price prediction favors the bulls. Meanwhile, ETH price displayed a golden crossover; buying volume is also on the rise indicating that the recent rally is sustainable. The probability of reaching $2K will increase if ethereum price is able to hold the $1700 support level. However, if the situation changes and ETH price drops below the 200 day EMA, then the bears may again try to drag the prices down toward $1400.
Ethereum price is trading above the 6 months high but prices are near the supply zone of $1800. Therefore, prices are expected to consolidate for some time in the narrow range before deciding the further direction. The MACD had generated a positive crossover indicating prices are expected to trade with a bullish bias. The RSI at 67 sloping upward indicates that a little more room for upside is open.
Conclusion
Ethereum price prediction suggests a rise may be seen in the long run and that it may reach $2000 if it succeeds in holding $1700 as support. Technical analysis of ETH price reveals an uptrend and the dominance of bulls in the lower levels. However, prices are near the supply zone and are expected to consolidate for some time before deciding further direction.
Technical levels
Resistance levels : $1900 and $2000
Support levels : $1600 and $1370
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.
