- Ethereum price prediction suggests the consolidation phase of the second largest cryptocurrency over a daily time frame chart.
- ETH crypto showing some positive signs of recovery as 20 EMA has crossed over 50 EMA and is now preparing for the remaining 100 and 200-days Daily Moving Average.
- The pair of ETH/BTC is at 0.07587 BTC with an intraday drop of 2.14%.
Ethereum price prediction forecasts that the second largest cryptocurrency after Bitcoin is trying to gain support after its recovery over daily chart. Ethereum coin price must accumulate buyers in order to attain stability. However, the current situation discovers the shattering hopes of ETH investors as sellers are increasing the selling pressure over the token. ETH coin price must gain support from the bulls to avoid getting into trouble and a threshold. ETh coin price is currently trying to maintain itself above the $1500 mark.
Ethereum price is currently approximated at $1550 and the token has lost around 2.31% of its market capitalization in the last 24-hour period. Trading volume has decreased by 20.51% over the daily price chart. This demonstrates that ETH crypto got away from the grip of buyers and is currently dealing with some selling pressure.
Ethereum price is currently trying to sustain above the $1500 mark and accumulation of bulls is needed during the intraday trading session. The uptrend momentum of ETH crypto has been reversed as soon as the token reached $1660 resistance level. However, volume change can be seen below average and needs to be increased in favor of bulls.
Some interesting levels to be attained by ETH crypto in the coming days are, $1240, $1390, $1500 and $1800.
What does Analysis Predict about Ethereum Crypto Price Action?
Ethereum price prediction suggests the downtrend momentum of Ethereum crypto as indicated by technical indicators. ETH bulls need to come forward to reverse the current trend of the token. Moreover, the bollinger band signals the downtrend momentum of ETH coin. The price action of ETH coin has returned from the upper band and is currently moving towards the base line.
Relative Strength Index showcases the downtrend momentum of ETH coin. RSI is at 62 and is heading towards neutrality. MACD exhibits the downtrend momentum of ETH coin. The MACD line is about to cross teh signal line for a negative crossover. That’s why, ETH investors must wait for any directional change over the daily price chart.
Conclusion
Price action of ETH crypto is in downtrend momentum over the daily chart. The token needs to attract buyers during the day’s trading session to avoid falling significantly. Investors in Ethereum must wait for any directional change as prompted by technical indicators. However, 20 EMA has crossed the 50 EMA line upwards showing the recovery phase of ETH crypto.
Technical Levels
Support Levels: $1500 and $1480
Resistance Levels: $1660 and $
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/02/ethereum-price-prediction-eth-facing-some-serious-sustainability-issues-after-recovery/