Ethereum Price Prediction: Will ETH Price Reach New Highs?

Ethereum was gaining momentum toward the desired targets of the bulls, and maintained an upward sloping curve. The bears and bulls are likely to fight it out over the 1-day chart.

The current price of Ethereum is $1837.52 with a drop of 1.64% during the last intraday trading session. The declining price of the coin indicated the seller’s attempt to enter the trade. The buyers might beat back the downward curve to maintain the upward trend. The sellers might try to give a trend reversal, while the buyers will resist the downward momentum. The price may fluctuate due to disputes between the buyers and sellers.

The sellers might push the price towards the primary support of $1706.29 and if the token moves below the primary support it may approach the secondary support of $1422.84. The bulls will try to maintain the upward momentum while approaching the primary resistance of $1906.22. Also, the price might move toward the secondary resistance of $1997.32.

The Bears might get difficult as the buyers are using their full potential to maintain the bullish trend. The increase in volume suggests the decrease in short-selling pressure on the coin. ETH is trading above the 20,50,100,200 days Moving Average.

Exploring the Technical Indicators of the ETH

The MACD and MACD signal intersected, giving a negative crossover. The RSI is in the overbought zone and might move toward neutrality as the sellers attempt to enter the trade. The current RSI is 56.94 and the average RSI is 58.73. The sellers might try to drag the RSI to the oversold zone. The buyers might resist the bears’ move to maintain their dominance over Ethereum.

Conclusion

With the recent drop in Ethereum’s price, the bulls might prevail in the ETH market, as buyers are using their full potential to maintain the upward momentum. The increase in volume suggests a decrease in short-selling pressure, making it difficult for bears to enter the trade. However, if the sellers do manage to push the price downward, it may lead the price to approach the support levels. The price is likely to fluctuate a lot due to increased buying and selling pressure.

Technical Levels

Support Levels: $1706.29 and $1422.84

Resistance Levels: $1906.22 and $1997.32

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss