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ETH Price Prediction: Ethereum eyes $2,200 despite struggling to sustain upward movement

ETH Price Prediction

TL;DR Breakdown

  • ETH price prediction has Ether hovering at the midline area of the ascending parallel channel.
  • On the 12-hour chart, Ethereum should strive to settle above the 50 SMA to trigger a new bull run.
  • If Ethereum fails to settle above the near support at $2,000, it could plunge towards the $1,800 region.

This week, Ether led other digital assets to the path of recovery after sustaining significant price dips.

ETH Price Prediction: General price overview

For the first time since launch, Ethereum managed to record an ATH of $2,146 during this week’s trading activities. However, the milestone was brief as an almost immediate correction occurred, sending the digital asset towards the $1,931 region. Interestingly, buyers took enough advantage of the situation. The price dip towards the $1,931 region was short-lived as Ethereum quickly recovered the lost ground and moved past the $2,000 mark.

ETH is hovering around the $2,080 region at present amid the bulls’ ongoing campaign to see Ethereum hit a new milestone. In case of a price dip, Ethereum’s direct support line on the downside is fortified by the 50 SMA on the 12-hour chart. Likewise, the 50 SMA is also strengthened by the ascending parallel channel’s midline support.

Although ETH’s upward movement appears to be slow, the MACD technical indicator seems to support its uptrend. The MACD usually discloses when to wait for long or short-term on a crypto token. Whenever the MACD blue line passes above the signal line, it signifies it is an excellent season to purchase. On the other hand, traders are guided to sell whenever they see the MACD blue line crossing under the signal line. At present, the MACD blue line is hovering above the signal line. If you are an investor, you might want to take advantage of the moment.

ETH price movement in the past 24 hours

ETH Price Prediction: Ethereum eyes $2,200 despite struggling to sustain upward movement 1
Source: TradingView

At present, there seems to be a substantial number of Ethereum tokens locked away from leading crypto exchanges. With the current $2,080 price, over 51 billion worth of ETH tokens are locked in DeFi protocols. Also, Ethereum’s ETH 2.0 deposit contract is safeguarding over 3.8 million Ether tokens with a market worth of over $7 billion. This means over $55 billion worth of ETH tokens are out of the market.

Due to the ongoing ETH scarcity and growing buying pressure, ETH has formed an ascending broadening hammer pattern on its 24-hour chart. The ascending pattern can be derived by linking the higher lows and the higher highs with 2 trendlines. Any surge past the current ATH is sure to take Ethereum past the $2,200 mark towards $3,000 at the top of the ascending pattern.

ETH 4-hour chart

ETH Price Prediction: Ethereum eyes $2,200 despite struggling to sustain upward movement 2
Source: TradingView

According to ETH’s 4-hour chart, it appears there is no solid resistance above the $2,000 mark according to the IOMAP chart. The 2 solid points for the smart contract token are the regions between $2,055 and $2,067, as more than 142,000 addresses had bought more than 1 million Ethereum tokens here.

Conclusion

It is worth noting that Ethereum should strive to settle above crucial support areas between $1,983 and $2,044. Here, more than 330,000 addresses purchased more than 9 million Ethereum tokens. Plunging below this region would spell doom for the bulls as such a price dip can quickly spark massive sell orders. This will indeed send ETH price towards the $1,700 area or at the lower boundary of the ascending pattern.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Robert Githinji

Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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