ETH Trades at $3031; Price Set to Rebound

The Ethereum price prediction reveals that ETH is currently trading above $3000 after a significant dip towards $2900.

ETH/USD Market

Key Levels:

Resistance levels: $3400, $3600, $3800

Support levels: $2700, $2500, $2300

ETH/USD is trading at $3031 where a bearish momentum is building, but the technical indicator Relative Strength Index (14) shows that the bearish movement may be coming close as the signal line is moving below the 50-level. However, the 9-day and 21-day moving averages indicate that bears are still having the ability to control the market as the 9-day MA remains below the 21-day MA.

Ethereum Price Prediction: What to Expect from Ethereum

As the Ethereum price is hovering below the 9-day and 21-day moving averages within the channel, the coin is likely to embark on a movement towards the upside. Therefore, a sustainable move from this barrier may improve the bullish movement and allow for an extended recovery towards the resistance level of $3200. However, if the coin stays above this level, it could negate the bearish scenario and bring the nearest resistance of $3400, $3500, and $3600 levels into play.

Nevertheless, the RSI (14) on the daily chart may move out of the negative side, but a failure to remain at the oversold region could worsen the technical picture and lay the ground for the further sell-off below the lower boundary of the channel. Any further bearish movement could locate the supports at $2700, $2500, and $2300 respectively.

Against Bitcoin, LTC/BTC is trading around the 9-day moving average as the bears are likely to step back into the market. Now, ETH/BTC is trading at 7499 SAT and the bulls couldn’t push the price to cross above the upper boundary of the channel. On the other hand, if the market drops below the 21-day moving average, the next key support may come at 6800 SAT and below.

However, on the upside, if the coin crosses above the channel, the resistance level of 8200 SAT and above may be visited. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below the 60-level, suggesting that the market may begin to go down.

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