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- 1 Ethereum price prediction is a consolidation phase inside a horizontal range.
- 2 ETH crypto is trying to sustain above 200-days DMA to recover above 20, 50 and 100-days daily moving average.
- 3 Ethereum, the second largest cryptocurrency after Bitcoin is moving sideways and may rebound any time soon.
The outlook for Ethereum’s price suggests a period of lateral movement and experts anticipate a potential rebound. For ETH to reclaim the $2000 recovery threshold, it must attract more buyers. Since April 2023, Ethereum’s price has been consolidating below the $2000 level. Notably, ETH made a robust recovery attempt between March and April, although it couldn’t maintain its position at $2128.48 and instead faced dispersion. Presently, analysts foresee the likelihood of Ethereum crypto retracing from the lower boundary of the consolidation stage.
Ethereum price was at $1832.44 and has gained 0.27% of its market capitalization during the day’s trading session. Trading volume has increased by 30.59% during the intraday trading session. This demonstrates that buyers are trying to accumulate in order to push ETH upwards. Volume to market cap ratio was 1.62%.
Ethereum Price Prediction: Technical Indicators Suggest Something
The Ethereum price prediction underscores the ongoing struggle of ETH cryptocurrency as it navigates the lower trendline within the consolidation phase. There are indications that ETH crypto might be poised for a significant upward surge across the daily time frame chart. However, it’s important to observe that the volume change currently remains below average, emphasizing the need for an increase to catalyze the initiation of ETH crypto’s recovery rally.
Currently, ETH cryptocurrency is attempting to stay above its 200-day DMA to regain positions above the 20, 50, and 100-day daily moving averages. Over the past week, the price of Ethereum dropped by 1.44%, and in the last month, it experienced a decrease of 1.93%. In the previous three months, ETH faced a slight decline of about 0.77%, while over the last six months, it managed to increase by approximately 9.79%. Year to date, Ethereum price has risen significantly by around 53.51%, indicating its potential for maximum recovery throughout 2023.
Technical indicators point to Ethereum price facing sustainability challenges. The relative strength index reveals ETH crypto’s difficulties at the lower trendline of a horizontal range. Additionally, the moving average convergence divergence indicates a decrease in Ethereum’s momentum.
RSI, currently at 42, is moving toward a neutral state after being in overbought territory. The MACD line, situated below the signal line, anticipates a positive crossover. Ethereum investors, the holders of the second-largest cryptocurrency, should be patient and await any directional shifts on the daily chart.
Summary
Ethereum price prediction highlights a phase of sideways movement for the crypto, with analysts foreseeing a possible recovery. However, signs also suggest that ETH crypto could potentially witness a noteworthy surge in the daily timeframe. Last week, Ethereum’s price declined by 1.44%, and within the last month, it saw a decrease of 1.93%. Technical indicators indicate that Ethereum’s price encounters sustainability hurdles. Those invested in Ethereum, the second-largest cryptocurrency, should exercise patience and await any changes in direction as depicted on the daily chart.
Technical Levels
Support Levels: $1820 and $1775
Resistance Levels: $1888 and $1930
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 or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
