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- 1 Ethereum price prediction showcases the uptrend of ETH crypto over the daily time frame chart.
- 2 ETH crypto is above the 20 and 50-EMAs to surge towards the 100 and 200-days daily moving averages.
- 3 Ethereum cryptocurrency gained around 39.99% year to date.
Ethereum price prediction highlights the recovery phase of ETH crypto but ETH may slip as it approaches the resistance level. There is below average change in the trading volume. ETH must gain more buyers in order to sustain at the primary resistance level and avoid slipping. However, sellers may accumulate to pull ETH price from the upper threshold.
Ethereum price was at $1672.80 and gained slightly around 0.30% of its market capitalization during the day trading session. However, trading volume has declined by 22.70% intraday. This demonstrates that sellers are accumulating to pull ETH crypto downwards. Volume to market cap ratio was at 2.44%.
Will Ethereum Price Sustain or Get Detained?
Ethereum price prediction highlights the sustainability issues of ETH crypto near the primary resistance level over the daily time frame chart. Meanwhile, volume change is below average which highlights the low accumulation rate of buyers and sellers intraday. ETH crypto is above 20 and 50-EMAs to surge towards the 100 and 200-days daily moving averages.
Ethereum crypto price saw a 4.97% increase over the course of a week, but it experienced a slight decline of 1.91% within the past month. Looking further back, ETH recorded a loss of approximately 13.10% over the last three months and 6.78% over the last six months. However, when considering the year-to-date performance, Ethereum has gained a substantial 39.99%.
Technical indicators emphasize the positive trajectory of ETH cryptocurrency’s price. The relative strength index (RSI) indicates an upward trend for ETH, and the moving average convergence divergence (MACD) supports this upward movement.
With the RSI at 59, it is approaching the overbought zone, while the MACD line remains above the signal line, signifying the stability of ETH. Ethereum investors should exercise patience and await confirmation of sustained ETH pricing at the primary resistance level.
Summary
The Ethereum price forecast indicates a potential recovery for ETH cryptocurrency, although it might face resistance and a possible decline as it nears this level. Additionally, below-average trading volume suggests reduced buyer interest, leaving room for intraday selling pressure. Furthermore, ETH has gained 39.99% year-to-date, and technical indicators support the upward movement in its price.
Technical Levels
- Support Levels: $1653.65 and $1643.90
- Resistance Levels: $1688.00 and $1730.00
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.
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.
