- ETH/USD price hit a daily high of $1,815 and formed a major bullish trendline.
- The coin is holding gains above the 100 hour SMA with support at $1,750.
- The ETH/USD trading pair is trading near the 50% Fibonacci retracement level.
Ethereum Price Prediction: General price overview
Ethereum opened the daily trading chart with an early momentum from $1,772 to $1,805. On Wednesday, the leading altcoin failed to overcome the $1,850 resistance and crashed slightly below $1,780. On the upside, Ethereum’s daily high touched $1,815 and formed a major bullish trendline with support near $1,790. The coin has been attempting to consolidate above resistance levels $1,850 and $1,860. However, the bulls still struggle to gather enough momentum from the broader market and thrash both resistance zones.
Ethereum bulls want to maintain Wednesday’s momentum and sustain ETH price above $1,800. Chances are high of retesting above $2,000 if they manage to break above $2,040. A major upside is imminent above $2K that might spike the price to $2,614. The only problem is the bearish weaknesses taking place in the 4-hour chart that might pull down the price of ethereum from the $1,790 overhead resistance and below the simple moving average. Meanwhile, the bears are targeting the lower range between $1,280 and $1,400.
We can, however, anticipate a new increase above $1,800 and hope that Ethereum will consolidate new gains in the near term. Currently, the coin is holding gains above the 100 hour SMA with support at $1,750. The bears are persistent in taking over after pulling the price into a descending channel that begins at $1,815 and bottoms at $1,786. On the other hand, the bulls are strong to beat the 20-day exponential moving average and are already adjusting the technical RSI beyond 60.
Nonetheless, buyer action is the key driver that will push Ethereum above $1,800. If the buyers successfully consolidate the momentum, this could be the needed spur towards an ATH.
ETH/USD price movement in the past 24-hours
ETH/USD price has undergone a net percentage change of -1.70% in the past 24 hours. The coin opened the daily chart at $1,811 and set an intraday low of $1,764. The hourly chart has formed a major trendline with support at $1,760, with resistance near $1,810.
The ETH/USD trading pair is training near the 50% Fibonacci retracement level of the recent downward wave from $1,763 low to $1,870 high.
Ethereum bears have already congested to form a major price hurdle near the 61.8% Fibonacci retracement level of the downswing to $1,763 from $1,8790 (near $1,830). The bulls will have to sustain a strong increase in the next short-term sessions to steadily crash price resistance levels around $1,870 and $1,880.
Ethereum price movement in 4-hour chart
The 4-hour chart is both green and red, making it quite unclear whether Ethereum’s short terms are bullish or bearish. However, the bulls seem persistent in pushing the price above a key bearish zone near $1,780. The pattern appears to favor the bulls because they have sustained an upward momentum, despite facing multiple resistances. Ethereum’s chart indicates an ascending triangle channel, despite not forming a bullish upswing that should have the coin top its overhead resistance,
Ethereum Price Prediction
Other technical indicators such as the hourly Moving Average Convergence Divergence are lying within a dangerous bear zone. The hourly RSI is slightly above 50, and the next significant resistance is $1,787. Breaking below $1,760 poses high chances of forming a declining channel towards $1,680. However, there is a major price support at $1,765 to prevent a pullback.
In the meantime, the market should anticipate a new increase to $2,000. There might be bearish weaknesses that might cause a downswing, but the 1-month chart indicates an ETH/USD target of $2,000.