- Ethereum price prediction of $2,000 looks shaky as price wobbles near key resistance.
- Critical resistance stalls uptrend as bulls fear profit-booking.
- A corrective pullback to help cool down overbought technical indicators.
- Odds favor the Ethereum price prediction of $2,050.
Ethereum price prediction is currently a confusing zone for analysts looking for technical signs about the future trajectory. The head-and-shoulders pattern formed last week marked the bottom of the corrective phase. However, the price has since rallied 12 percent to touch fresh new highs near $1,880. At the time of writing, the price has corrected a little to touch $1,780.
The ETH/USD pair is currently moving in a tight Bollinger Bands range of $1,733 to $1,800. The simple moving average is moving upwards, indicating the steam left in the uptrend. The much-awaited volatility can push the prices higher near the upper Bollinger Bands to build a breakout.
The bullish hammer candlestick formation on the daily charts is further helping the price move higher. The buyers are optimistic that the weekend volatility can work in their favor to take the price beyond $1,880 high. The corrective formation is unlikely to last beyond $1,740, which is also the .236 Fibonacci retracement of the current uptrend. Bulls will likely intensify buying once the price breaks below $1,715 to support the ETH/USD pair.
Ethereum price movement in the last 24 hours: Bulls focus on buying the dips strategy
While bears are attempting to increase selling pressure near the $1,800 level, the bulls are trying to collect more on the price dips. The $1,876 level represents the 78.6 Fibonacci retracement level of the present bull cycle and is the next logical higher resistance. The buyers find more support near the $1,692 level, which is the 20-day exponential moving average.
The moving averages have supported the price in the past few weeks. If this trend continues, the bulls will likely convert this correction into another accumulation phase. The dips in the price will be bought aggressively. The all-time highs of $2,040 will be the next logical step as the daily charts open up the next price region of $2,614.
The upsloping moving average is also carrying the lower support higher and supporting the bullish viewpoint. The RSI hovering near the middle region signals a more bullish technical picture. However, if the weekend volatility solidifies selling pressure, the price can move towards $1,710 due to profit booking.
ETH/USD 4-hour chart: Ascending price channel beckons new highs
The ascending price channel supports Ethereum price prediction of new all-time highs. The $1,755 support and immediate $1,710 support are lining up near the lower boundary of the price channel. On the upside, the critical resistance levels are $1,876 and then at $1,900. The bulls are currently in a balancing act to control the price on weekend liquidity.
The ETH/USD pair moves as per the bullish uptrend that took the price from $1,500 to the current $1,790 level. The second-largest cryptocurrency is also following the ascending price channel on the hourly charts as well. The push towards $1,875 resistance will help buyers achieve the 1.414 Fibonacci extension. If the price closes above the $1,785 level, the lower support at $1,710 will move higher towards the $1,758 level.
The RSI is at 54 level, and the MACD moves towards posting a cross-over on the charts. The lower region of the ascending price channel at $1,745 will be critical if the bulls turn this phase into an accumulation. Much of the buying on the hourly charts are going to be near the $1,740 price level.
Ethereum price prediction conclusion: Another correction turns into the accumulation phase
Looking ahead, the Ethereum price prediction is fast turning into another accumulation phase for the buyers. The support lies at $1,755, which will prove to be a pivot point for the buyers. The resistance at $1,876 is within the trading range on the hourly charts.
The RSI is moving higher with a steady higher lows pattern in Ethereum price prediction. The bullish momentum is further confirmed on the hourly charts by the rising Bollinger Bands moving in sync with the volume data.
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