Ethereum News

Ethereum Price Prediction: Ethereum price aims for $1,900 key support to recover ATH

TL;DR Breakdown

  • Ethereum price is now above the first key resistance of $1,750 and above the first major support, which is $1,800.
  • ETH/USD price bottomed at $1,810 before recovering into a trendline towards the $1,830 support
  • The coin has the first major support at $1,810 that is preventing the coin from crashing into a bearish downswing.

Ethereum Price Prediction: General price overview

Ethereum is extending yesterday’s bullish continuation after breaking above previous resistances at $1,650 and $1,700. The coin has gained even more momentum and has already thrashed multiple resistances on its way to $1,900. On the 24-hour chart, ETH hit an intraday high of $1,856 before dropping slightly into a bullish formation between $1,810 and $1,835.

The price is now above the first key resistance of $1,750 and above the first major support at $1,800. Also, note the coin kicked off the day with a new weekly high of $1,858 and is ascending on an upward trend on the 100 simple moving average.

ETH’s intraday low is $1,672, while the intraday high is $1,858. The coin opened the daily chart at $1,683 and gained a percentage change of 8.74%. The current uptrend is good news for the bulls after they managed to break out of last week’s resistance of $1,600. Besides, the uptrend is a major technical breakout and strengthens the bulls towards $1,900.

The ability to surpass the $1,850 and $1,950 price zone might open doors for an ascending channel towards the current all-time high. Ethereum’s bullish pattern is also indicated by a 66 RSI on the upside, which translates to buying signals. Furthermore, it’s worth noting Monday’s breakout shows Ethereum is completing an inverted head and shoulder formation. However, the bears are creating selling pressure resistance around the neckline at $1,800, which also pushes the RSI towards 70.

Besides, Ethereum’s price is trading between the $1,812 and $1,854 Bollinger bands against the US dollar. The trendline seems to be breaking above the upper band at the present price level and therefore indicates high chances of a pullback.

Ethereum price movement in the past 24 hours

(Source: Tradeview)

ETH/USD has firm price support at $1800 and shows positive signs for trading above this level for the better part of the day. Also, note the support is within the 100-hourly SMA and has a price target of $1,880. The Moving Average Convergence Divergence (or MACD) validates a bullish outlook above the signal line on the daily chart. Bulls hope to receive support from the broader ETH market and overcome an immediate price hurdle around $1,880. Breaking above this price zone could clear Ethereum’s path towards further gains and make it rally above $1,950, which will subsequently help the coin get closer to hitting the $2,000 target. 

Ethereum price 4-hour chart

(Source: Tradeview)

Ethereum began the 4-hour chart with a dip that resulted in the formation of a descending triangle. The coin bottomed at $1,810 before recovering into a trendline towards the $1,830 support. Despite recovering from the dip, the descending triangle is a bearish signal. However, a positive signal indicates the leading altcoin might hit above crucial resistance levels $1,880 and $1,900. Towards the downside is the first major support at $1,810 that is preventing the coin from crashing into a bearish downswing.  

Ethereum Price Prediction

IOMAP, an on-chain indicator, has indicated the lack of enough resistance against Ethereum’s upward price correction. The coin is trading at a strong momentum, and chances are high of hitting the $1,900 price level. Despite the fact, Ethereum could end correcting low, the bullish trendline seems intact enough to retest the $2,000. 

Conclusion

An essential news item on Ethereum is the upcoming live upgrade of the network that will have developers implement four protocol improvements. The Berlin upgrade is scheduled for the 14th of April and could strengthen Ethereum’s bullish momentum. The effect of December’s Ethereum 2.0 is still evident on the price momentum of the crypto coin. 

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.

This post was last modified on March 12, 2021 8:37 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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