Ethereum crypto price has been in an upward trend, going from $1550 to $2700 in a wedge pattern. However, it faced strong resistance and dropped to $2168.
ETH rebounded as the price bounced back from the key level of $2168 on the chart.
Now, it looks like the Ethereum crypto is ready for a massive rally, as it prepares to break the resistance level and soar to new highs from the current important support zone.
The Ethereum crypto asset is showing bullish power and strong potential as it stays above the major support level of $2168. It has crossed the 20-Day EMA and is moving toward the major 50-Day EMA.
Moreover, the Ethereum crypto asset is showing bullish momentum as both lines of the MACD indicator are getting closer to each other and it is expected that the MACD can form a bullish crossover with a rising histogram soon. The histogram value is at -11.15, MACD is at -18.47 and the signal line is at -7.31.
The RSI is at 49 and since it is not near the 70 level yet, it is moving towards the overbought level. This indicates that the Ethereum asset is not facing much resistance and crypto price can increase further.
On the overall analysis of the price movement, the Ethereum crypto asset is showing bullish signs and is suggesting the possibility to grow more. It performed well last week, month, and quarter by +4.41%, 2.58%, and +26.63% respectively, indicating a possible strong uptrend.
At the time of writing, the Ethereum crypto experienced a 0.15% drop in the last 24 hours, and the asset is trading at $2339.59.
Therefore, if the demand for Ethereum stays high, the crypto price could spike up more and could rise to retest the resistance region as well. Then the next target for the price could be to reach $2449.
However, if the Ethereum crypto price fails to stay above the $2168 level, it could fall sharply.
Summary
The Ethereum crypto price has bounced back from a low of $2168 and is aiming for $2700.
The technical indicators and tools show bullish momentum and strong performance. It is expected that the MACD can form a bullish crossover with a rising histogram soon. The RSI is moving towards the overbought level. Moreover, its price has crossed the 20-Day EMA and is moving towards the major 50-Day EMA.
The crypto price can increase further if the demand stays high. However, if the price drops below the support level, it could fall sharply, as well.
Technical Levels
Support Levels: $2168
Resistance Levels: $2449
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/01/31/ethereum-crypto-can-eth-crypto-retest-the-supply-region/