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Ethereum Price Prediction: ETH to advance beyond the $2,000 mark if it holds key support

Ethereum Price Prediction

TL;DR Breakdown

  • Ethereum price prediction highlights bulls’ defense on the ascending channel’s middle boundary support on the 24-hour chart.
  • Ethereum settling above the $2,000 mark could activate a massive buying spree as $2,200 beckons.
  • According to the Moving Average Convergence Divergence (MACD), the current upsurge does not seem strong, with declines likely to occur.

Since the beginning of March, ETH has been on an upward trajectory, as featured on the daily charts. The digital currency managed to rise from a trading low of $1,290 in early March to reclaim its position above the $2,000 mark in the first week of April. Also, the pioneer altcoin managed to hit an all-time high of $2,151 this week.

Ethereum Price Prediction: General price overview

On Tuesday, ETH managed to hit a new ATH of $2,151 (on Coinbase) before experiencing a price correction on Wednesday. Attempts to maintain the new milestone proved difficult as Ethereum price plummeted below the $2,000 mark due to market overhead and selling pressure. Ethereum was not the only crypto asset affected by the recent overhead and selling pressure. Bitcoin, for instance, experienced a price downfall towards $56,000 before finding support.

At present, ETH is trading at $2,017 while holding onto the $2,000 support line provided by the ascending channel’s top boundary on the daily chart. If Ether manages to trade above the $2,000 support line, it will likely gain market stability, permitting investors to push it towards new milestones. According to the applied moving averages, the 50 SMA upholds a significant gap above the 100 and 200 Simple Moving Averages to indicate the trend still favors a bullish narrative.

Ethereum price movement in the past 24 hours

Ethereum Price Prediction: ETH to advance beyond the $2,000 mark if it holds key support 1
Source: TradingView

According to Ethereum’s 24-hour chart, the smart contract token appears to be struggling to hold on to the new ATH recorded on Tuesday. However, Ethereum’s bullish narrative remains alive as the crypto asset is showing signs of revisiting the triangle’s upper trendline. Despite what is going on with Bitcoin, investors are advised to not throw in the towel just yet. It is worth noting that earlier this month, ETH prices broke out from a double bottom against BTC’s price movement.

However, if the current selling pressure continues, Ethereum should settle at the triangle pattern’s rising trend line. Failure to do so could lead ETH to experience the $1,550 March-low.

Ethereum 4-hour chart

Ethereum Price Prediction: ETH to advance beyond the $2,000 mark if it holds key support 2
Source: TradingView

As far as the Moving Average Convergence Divergence (MACD) technical indicator is concerned, Ethereum should be ready for a bearish leg, according to the 4-hour chart. This means the anticipated price surge is under threat, and Ether might experience further price decline. The price dip will be validated if the MACD line passes under the signal line. If Ether’s price plunges to the $1,800 and $1,700 levels, support levels might come into play.

On the other hand, ETH seems to be following the price movement of BTC. If Ethereum retests the upward resistance level at $2,050, the bulls can come in to this price level to settle. The next target will be the $2,100 region, where most liquidity is concentrated.

Conclusion

Recently, money transfer company, Visa, announced the adoption of cryptocurrency settlements on their platform. The payments are scheduled to be done on Ethereum’s blockchain platform. Additionally, there seems to be growing concern about Ethereum’s gas fees. Many people are complaining and urging the network to review their fees as they are exorbitant. For instance, if you buy $1000 worth of ETH with most wallets, you will incur a cost of about $20.

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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