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- 1 Ethereum price prediction highlights the upward momentum of ETH crypto towards the distribution phase.
- 2 ETH crypto is trading above 20, 50, 100 and 200-days daily moving averages.
- 3 Ethereum, the second largest cryptocurrency after Bitcoin, has gained 53% year to date.
Ethereum price prediction suggests that ETH crypto may slip from the latest high mark as it approaches the distribution phase. ETH crypto price has been gaining after getting support from $1538 level and also as soon as Bitcoin started its rally, Ethereum was not left behind. ETH crypto needs the current upward momentum to surge maximum over the daily time frame chart.
Ethereum cryptocurrency may slip from the $1890 level as sellers may approach to short sell ETH. Meanwhile, ETH crypto needs to maintain the accumulation rate of buyers in order to break inside the distribution phase.
Ethereum price was at $1828.71 and gained 2.24% of its market capitalization during the day’s trading session. However, trading volume has decreased slightly by 3.94% intraday. This demonstrates that sellers are trying to accumulate to pull ETH down. Volume to market cap ratio was at 5.09%.
Will Ethereum Price Sustain or Get Detained?
Ethereum price prediction highlights that ETH crypto may revert from the current position and retrace its path backward. However, ETH crypto needs to attract buyers in order to avoid falling significantly. Volume change is above average under influence of sellers. Meanwhile, ETH crypto is trading above 20, 50, 100 and 200-days daily moving averages.
Ethereum cryptocurrency gained around 14.60% in a week and 12.86% in a month. However, ETH crypto price slipped by 3.70% in the last three months and 5.31% in the last six months. On the year to date scale, Ethereum price managed to gain around 49.93%.
The relative strength index (RSI) shows the overbought status of ETH crypto. RSI was at 73 and is flat inside the overbought territory. Investors in Ethereum cryptocurrency need to wait until ETH crypto sustains at the current level but it may slip from here.
Summary
Ethereum price prediction suggests that ETH crypto may slip from the $1890 mark as it approaches the distribution phase. Ethereum has also started its recovery rally following the path paved by Bitcoin. Volume change is below average. Moreover, Ethereum price managed to gain around 49.93% year to date. Technical indicators highlight the struggle of Ethereum, the second largest cryptocurrency to sustain. Investors in Ethereum cryptocurrency need to wait until ETH crypto sustains at the current level but it may slip from here.
Technical Levels
Support Levels: $1700.00 and $1665.00
Resistance Levels: $1890.00 and $1903.00
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
