- ETH price prediction shows Ethereum is showing signs of further growth.
- A decisive close above the resistance level at the $2,600 mark could spark a $3,000 bull run.
- The Moving Average Convergence Divergence validates the current bullish narrative, indicating further gains.
During the recent market crash, Ethereum, like many other cryptocurrencies, experienced significant losses. During last week’s trading activities, ETH plunged below the $2,000 mark, a support level that coincides with the 200 Simple Moving Average on the 12-hour price chart. Despite this, this region played a critical role in the comeback of the crypto asset.
ETH Price Prediction: General price overview
Earlier this week, Ethereum bulls increased their influence on the crypto asset’s value by pushing it above the 50 and 100 Simple Moving Average. As its price improved, technical indicators also improved, sending signals of an imminent bull run. On Monday, Ethereum managed to surge and close the gap to $2,500. A short-term breakout above this price region saw investors change their attention towards pushing the coin past the recent ATH at $2,600.
Despite this, selling pressure at the $2,500 price region is becoming more evident at the resistance level. At the time of writing, Ethereum is exchanging hands at $2,544 amidst the intense pressure for a price correction. As for the Relative Strength Index (RSI) technical indicator, Ethereum bears could be in for an open field day. This is terrible news as it sabotages the projected $2,600 to $3,000 price breakout.
A bearish divergence appears to validate the bearish narrative. Unless the Relative Strength Index moves past the trend line to settle above the overbought region, Ethereum will continue experiencing selling pressure in the short term. Additionally, if Ethereum manages to rest above the $2,500 zone, bulls will likely push it past the $2,600 mark. Such a move will attract massive buying pressure as the asset’s upsurge heads towards the $3,000 mark.
ETH price movement in the past 24 hours
Ethereum’s IntoTheBlocks Global In/Out of the Money (GIOM) technical indicator, Ethereum currently enjoys less resistance above the $2,500 mark. Meaning, it is easy for Ethereum to surge upwards than downwards. It all up to the bulls and the bears. Also, more than 2.9 million addresses bought more than 22 million Ethereum tokens around the $2,200 price region. This is good news as any bearish price movement past this region is going to be short-lived. The bulls need to ensure Ethereum’s price does not depreciate past the $2,500 mark to invalidate any bearish narrative.
ETH 4-hour chart
According to Ethereum’s 4-hour chart, the Moving Average Convergence Divergence blue line paints a bullish picture. At present, the MACD blue line is hovering way above the signal line. If this continues, Ethereum could settle past the $2,600 mark, setting the ground for further profits in regards to the $3,000 mark.
In other news, as India is currently experiencing a ravaging second coronavirus wave, Sandeep Nailwal, Polygon COO, recently committed to launching a crypto relief fund for the country. The relief is designed to assist the government in battling the pandemic. Vitalik Buterin, Ethereum’s co-founder, already contributed more than $500,000 to the covid 19 kitty, and many other notable personalities are joining the campaign. It is our wish that all our esteemed readers are safe wherever they are. We urge all to keep safe during these trying times. We also wish the country and all citizens of India a quick recovery from the pandemic.
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.