- Ethereum price prediction follows Bitcoin into uncharted territory
- ETH/USD bull rally blocked by bears at $462 resistance level
- Waning volume and dwindling altcoins put ETH into the wait-and-watch category
- All eyes on upcoming ETH 2.0 as traders look for positive developments
Ethereum price prediction – Traders in a dilemma as bears increase selling pressure
Ethereum price prediction, just like Bitcoin, remains range-bound. Despite the recent fall towards $434, the pair has now regained strength to touch $451. The world’s second-largest cryptocurrency by market cap is looking for directions – both macro and technical. Fortunately, the ETH/USD pair is well above every major EMA, signifying that the cryptocurrency is presently in a safe zone.
The technical indicators are throwing off bullish signs. The price action, though muted, is fairly tilted towards the higher side. After breaking beyond key resistances, Ethereum price prediction looks positive as ETH set to close the day above the $450 mark in a show of strength against the bulls.
Ethereum price movement in the last 4-hours remains range-bound
Ethereum price prediction is moving relatively in sync with Bitcoin. Both the cryptocurrencies are currently stuck in a range as the traders are looking for fresh signs of any direction. ETH/BTC is currently around $452 and unable to move past resistance at $462 for the journey to higher levels. It remains to be seen if this stagnation phase can turn into an accumulation phase, as seen in previous ETH rallies.
The rising wedge pattern is threatening the bullish Ethereum price prediction. The pair’s rejection from $459 shows that the bears are ready to pressure the bulls at higher levels. The inside day candlestick on the hourly charts is further complicating the matters for the bulls. The tight range is not allowing the bulls to accumulate at lower price levels, either. The current indecision between the bulls and the bears leads to uncertainty in the DeFi market and Ethereum price prediction.
Bearish signs are emerging for the Stochastic RSI as it readies itself for a crossover on the hourly charts. The RSI is near the neutral line signaling that a bearish movement can escalate quickly if the bulls don’t take charge anytime soon. The market momentum can soon turn negative, and the pair will be hunting for the support levels. On the hourly ETH/BTC charts, the bulls are battling 200-days EMA against an uncertain Ethereum price prediction.
ETH/USD 4-hour chart – Traders uncertain as $462 resistance holds the fort
Bulls have so far been able to defend the $440 support level on the hourly charts. However, the rising bearish pressure can take the pair down towards $432, where the 20-day EMA is presently defending the borders. However, $430 can turn into a critical pivot point for accumulation. Any break below the $430 level will signify that the bears have taken over the pair, and more downward levels will be in play.
On the contrary, the bullish Ethereum price prediction is very much in play on the longer timeframe charts. The rising 20-day EMA, along with the positive RSI, are optimistic signs for the bulls. The long traders will be in advantage further as the MACD has a fair amount of room to run even on the hourly charts. In case the price moves above the ascending channel along with large volumes, traders can expect to see $488 breached in the next few days.
A breakout beyond the $488 resistance would open the gates for higher levels, such as $520 and further at $550.
Ethereum moving in zig-zag after 15% surge last week
Ethereum bulls are now in a calm range as the pair tries to settle near critical support after moving 15 percent upside in the past week. For the past three days, the pair is trying hard to move past $456 resistance at the rising channel’s upper boundary. Against Bitcoin, the pair works hard to move beyond the 200-day EMA presently situated at 0.0295 BTC.
Key support levels for the pair lie around $438 and $421. The inability to follow the rising price channel can bring trouble to ETH as the rising bearish pressure can push the pair towards the significant support at $430 as the weekend approaches near. The 0.886 Fibonacci retracement level at $462 is proving to be a significant hurdle for the bulls to cross. It seems unlikely that the pair will breach it in the next few hours to finish the day at $462 or higher levels.
ETH/BTC price prediction conclusion – Bulls rally looks shaky as ETH/USD remains stuck
Against Bitcoin, Ethereum is safely resting around the 1.272 Fibonacci Extension at 0.0267 BTC. However, the rest won’t last long if the bears put pressure on ETH/BTC pair. Last week, the 0.027 BTC support helped the pair jump past to higher levels. The rise towards 0.0295 BTC, where the 200-day EMA lies, was short-lived, and the pair quickly retraced back towards the support mark.
The traders are looking for signs to break above the 200-day EMA at 0.029 BTC. The resistance at 0.03 BTC is proving far too strong, even on the daily charts. The 100-day EMA above will stop the pair around the next resistance at 0.0311 BTC. The RSI moving slightly above the mid-line shows that bulls are trying hard to regain control of the ETH/USD pair.
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