- The ETH price forecast shows Ethereum currently changing hands above $2,500, with signs of further growth.
- A decisive close above resistance at $2600 could trigger an upward move towards $3000.
- The convergence of the moving averages confirms the current bullish version and points to a continuation of the rise.
During the recent stock market crash, Ethereum, like many other cryptocurrencies, suffered significant losses. During last week’s trading activity, the ETH dipped below the $2000 level, a support level that coincides with the 200 simple moving average on the 12-hour price chart. Nevertheless, the region has played a crucial role in the return of the crypto asset.
EPF Price forecast: Price Overview
Earlier this week, Ethereum bulls tightened their grip on the crypto stock, pushing it above the 50 and 100 simple moving averages. As the price rose, technical indicators also improved, giving signals of an impending uptrend. Ethereum was able to take off on Monday, closing the gap to $2,500. A short-term breakout above this price area has prompted investors to focus on pushing the currency above the recent ATH of $2,600.
Nevertheless, selling pressure is becoming more evident in the price area around $2,500 at resistance levels. At the time of writing, Ethereum is changing hands at $2,544 amid a strong price correction push. As for the Relative Strength Index (RSI) technical indicator, Ethereum bears can have a field day. This is terrible news because it sabotages the expected price breakthrough of $2,600 to $3,000. The bearish divergence seems to confirm the downward trend. As long as the relative strength index does not cross the trendline and rise above the overbought zone, Ethereum will continue to experience short-term selling pressure. Also, if Ethereum manages to stay above the $2,500 area, it is likely that the bulls will push the price above the $2,600 mark. Such a move would cause massive buying pressure as the value approaches $3,000.
ETH price movement in the last 24 hours
Ethereum IntoTheBlocks Global In/Out of the Money (GIOM) technical indicator, Ethereum currently has lower resistance above the $2500 level. So it’s easy for Ethereum to go up, not down. It all depends on the bulls and the bears. In addition, more than 2.9 million addresses purchased more than 22 million Ethereum tokens in the $2,200 price range. This is good news, as any downward price movement beyond this area will be short-lived. Bulls need to make sure the price of Ethereum doesn’t go above $2,500 to derail any bearish narrative.
ETH 4-hour chart
According to the 4-hour chart of Ethereum, the blue line of convergence-divergence of the moving average draws a bullish configuration. The blue MACD line is currently above the signal line. If this trend continues, Ethereum could surpass $2600, paving the way for further increases towards $3000.
And with India currently suffering from a second devastating wave of the coronavirus, Polygon COO Sandeep Nailwal recently promised to set up a cryptocurrency aid fund for the country. This aid is intended to help the government fight the pandemic. Vitalik Buterin, co-founder of Ethereum, has already donated over $500,000 to the fund, and many other celebrities are joining the campaign. We wish the country a speedy recovery.
Denial. The information provided does not constitute commercial advice. .com is not responsible for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.
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