ETH/USD May Break Above $2800 Resistance

Ethereum Price Prediction – March 16

The Ethereum price prediction shows that ETH is likely to break above the channel as the coin is ready for a spike above $2700.

ETH/USD Market

Key Levels:

Resistance levels: $3400, $3600, $3800

Support levels: $2000, $1800, $1600

ETH/USD is seen refreshing to a new high after touching the daily low of $2604 to breaches above $2700. The coin is currently trading at $2702 with a bullish crossover and trend in the intraday. Today, the number two crypto is likely to trade above 9-day and 21-day moving averages as the higher resistance is expected at $2800 resistance level.

Ethereum Price Prediction: Ethereum Price Ready to Spike?

At the time of writing, the Ethereum price is likely to increase the bullish movement if the price crosses above the upper boundary of the channel. Currently, the technical indicator Relative Strength Index (14) is moving to cross above 50-level at the moment and may likely send bullish signals to encourage more buyers to enter the market.

Meanwhile, in as much as the 9-day MA remains below the 21-day MA, the coin may remain at the downside and the price could hit the support levels at $2000, $1800, and $1600 respectively. More so, if the technical indicator Relative Strength Index (14) crosses above 50-level, there may be a strong bullish movement which could push the market to the resistance levels of $3400, $3600, and $3800.

When compared with Bitcoin, Ethereum (ETH) is trading within the 9-day and 21-day moving averages as the price makes a retreat back below the opening price of 6665 SAT. However, for the fact that the market remains in the descending channel, the crypto is likely to cross above the 9-day and 21-day moving averages.

However, if the buyers push the market price above and cross the upper boundary of the channel, ETH/BTC may touch the resistance level of 7400 SAT and above. Meanwhile, strong selling pressure could bring the price below 9-day MA, and this could attract new sellers coming into the market with the next focus on the support level of 6000 SAT and below while the technical indicator Relative Strength Index (14) remains below 50-level.

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