- Bulls are defending ETH price from dropping below today’s intraday low of $1,772.
- A slight solid breakout could spike the price towards $1,880 and $1,900.
- ETH hits a daily high of $1,878 to acquire a negative percentage gain of 0.3%.
ETH Price Prediction: General price overview
Bulls are defending ETH price from dropping below today’s intraday low of $1,772. Ethereum was able to break above the $1,800 resistance on Monday. The $1,800 price zone has served both as support and resistance for ETH price for the past three days. During press time, the price is attempting to beat resistance at $1,825.
A breakout above this resistance and beyond $1,850 will be good for a clear bullish path towards the $1895 support, which is an intact price above the $1,880 resistance and above the 100-hourly SMA.
The coin is testing the $1,820 support on the 1-hour chart and has begun a key bullish trend with support near $1,800. This trendline is near the 50% Fibonacci extension level of the upswing wave to $1,882 high from $1,649 low. ETH price seems to be nearing a bullish price consolidation above the ATH.
However, the 5-day chart does not support a bullish short-term outlook. For example, the 14-day Relative Strength Index indicates a bearish pattern from the recent Ethereum upsurge.
Bulls can hope for the current uptrend movement to resist bearish pullbacks and challenge the long-term horizontal resistance at $2,000. While this might not happen in the near term, a slight solid breakout could spike the price towards $1,880 and $1,900.
Meanwhile, an on-chain report documented Ethereum as the leading decentralized applications ecosystem despite losing a massive number of users. The blockchain has been losing participants due to surging transaction fees, network congestion, and gas fees.
Regardless, the decentralized finance platform still leads the frontline as a dedicated network.
ETH Price movement in the past 24 hours
The leading altcoin opened the daily chart at $1,834, hit a daily high of $1,878, and witnessed a negative percentage gain of 0.3. The intraday low lies at $1,760. During press time, the coin is trading at $1,829.
ETH price is holding support around new weekly highs after breaking out of a 2-week bearish cycle. The bearish cycle began in mid-February after Ethereum began a downswing from an ATH of $2,033. Ethereum’s price pattern began a bullish uptrend at the beginning of 2021 when it crossed a psychological resistance near $819. This resulted in a neck and shoulder bullish pattern with the altcoin’s price between a psychological resistance line ($819) and a long-term resistance line at $2,003.
ETH 4 hour chart
Ethereum formed a descending triangle from $1,830, dipped to $1,826, and corrected at $1,830 again before undergoing a gradual downswing all the way to $1,820. The current pattern attempts to retest support above $1,832 and recover the uptrend that saw it attain a daily high of $1,878.
If Ethereum manages to retest this intraday high and break out from the $1,850 resistance, bulls should anticipate an upward movement against the $1,900 resistance.
Ethereum Price Prediction
Despite the 12-hour dip, Ethereum bulls are still in control of the trendline. Again, the market anticipates ETH price to undergo explosive growth ahead and after the upcoming network upgrade. Sentiments remain bullish and positive for the digital coin to rise above this year’s all-time high.
Traders should identify buy-opportunities immediately at $2,000. Breaking out of $2,000 will most probably push the price of Ethereum above $2,100 and $2,300. Generally, the coin could correct the past few weeks’ lows and spike a bullish uptrend.