Ethereum price action trades with modest gains on Saturday. The price manages to recover from the lows of $2,552.25 after two consecutive sessions of fall. ETH is moving in a sideways manner since late January.
- Ethereum price remains sideways with no meaningful price action.
- Expect more gains toward $3,200 above a decisive close of 50-day and 200-day EMAs.
- The Momentum oscillators remain neutral warns of aggressive bids.
As of publication time, ETH/USD is trading at $2,587.56, up 1.21% for the day. The second-largest cryptocurrency by market cap holds 24-hour trading volume at $10,529,639,128 with more than 8% losses.
Ethereum price looks for an upside reversal
On the daily chart, Ethereum’s price surged 55% after testing the lows of $2159.00 on January 24 and made swing highs at $3,284.75. However, investors are not convinced or willing to sustain the gains and fell to lows of $2,300 in February with few hiccups in between.
It is interesting to watch how sellers react near the vital $2,500 level for the short time. Ethereum price tested the support level thrice since the end of January thus making it a crucial level to trade.
Now, the renewed buying pressure will push Ethereum’s price to test many upside hurdles before tagging the ultimate target at $3,200.
A green candlestick on the daily chart could first meet the 50-day Exponential Moving Average (EMA) at $2,853.23. Next, market participants will move higher to take out the crucial 200-EMA at $3,200.
On the flip side, a spike in sell order might result in violating the $,2500 reliable support level. On the downside, sellers will collect the liquidity at the demand zone extending from $2,300, and $2,159.0.
Technical indicators:
RSI: The daily Relative Strength Index is trading neutral while oscillating near the average line. Any uptick in the indicator could push the price higher.
MACD: The Moving Average Convergence Divergence is hovering below the midline since February 19 with no meaningful price action.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/ethereum-price-prediction-strong-support-emerges-at-2500-a-bounce-back-toward-3200-on-cards/