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- 1 ETH price is hovering near the 20 day EMA mark, facing profit booking.
- 2 Buyers are holding the gains and are attempting to pull back.
ETH price is whipping near the lower trendline and is close to the 20-day EMA mark, gliding inside the rising parallel channel. However, the price action exhibits that buyers have ferrying momentum and are facing profit booking, showing retracement in the recent sessions. Furthermore, the ETH price renders a bullish sentiment and is ready to assert $2500 soon.
ETH price is trading at a make-or-break zone near $2200, which, if held, would facilitate a jump to the $2500 mark. Amid the bullish sentiments, Ethereum price is expected to pull back near the 20-day EMA. With the crypto rally and positive global sentiments, Ethereum is likely to reach $2500 soon and will extend the bullishness.
The live price of Ethereum is $2234.45, with an intraday gain of 0.04%, showing neutrality on the chart. Moreover, the trading volume increased by 3.27% to $ 12.43 Billion. However, the pair of ETH/BTC is at 0.0526 BTC, and the market cap is $272.73 Billion. Analysts have maintained a bullish rating, suggesting the outperformance will continue in the following sessions.
ETH on Daily Chart Displays Rising Parallel Channel
On the daily chart, ETH price showcased a bullish bias and enacted a follow-on buying stance, delivering a higher high formation over the past number of sessions. Moreover, the technicals indicate the bull’s dominance ended the sideward moves, followed by the reversal from the demand zone of $1500.
The relative strength index (RSI) curve stayed near the midline, showing a neutral projection, indicating indecisiveness between the bulls and bears. The MACD indicator showed a bearish crossover and formed red bars on the histogram, suggesting that volatility will persist in the following sessions.
Weekly Chart Exhibits Bullish Crossover
On the weekly chart, ETH price illustrated a rebound and noted a golden crossover in the recent sessions. Furthermore, the buyers have gained momentum and shown their solidity. Additionally, the sellers are trying their best to split the immediate mark of $2000. Per the Fib levels, ETH price holds the 38.2% zone and is above the mid bollinger band.
Summary
ETH price displayed a bullish view and depicted a rising parallel channel following a reversal in the recent sessions. Furthermore, buyers are handling the bull move and are guiding bullishness on the charts. Per the ongoing trend, ETH price holds the 20-day EMA and is ready to upwards to catch $2500 soon.
Technical Levels
Support Levels: $2200 and $2150
Resistance Levels: $2300 and $2450
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
