ETH Consolidates Above $1200 Level

The Ethereum price prediction shows that ETH continues to trade above the $1000 level as the market moves sideways.

Ethereum Prediction Statistics Data:

  • Ethereum price now – $1224
  • Ethereum market cap – $145.8 billion
  • Ethereum circulating supply – 121.2 million
  • Ethereum total supply – 121.2 million
  • Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $1800, $2000, $2200

Support levels: $600, $400, $200

ETH/USD is currently ranging around $1216, and it is likely to stay above the 9-day moving average before considering whether it should move up or down. Now, the Ethereum price is facing sideways movement, as the coin is struggling to stay above the 9-day moving average. The Ethereum price may face the downside as the red line of the 9-day moving average stays below the green line of the 21-day moving average.

Ethereum Price Prediction: Ethereum (ETH) May Keep Moving Sideways

According to the daily chart, if the Ethereum price crosses above the 21-day moving average; it could hit the nearest resistance level of $1400. However, a successful break above this level could open the doors for an additional increase to the $1600 level. In the meantime, any further bullish movement could push the coin to the potential resistance levels of $1800, $2000, and $2200.

Punt Crypto Casino Banner

Moreover, as the technical indicator Relative Strength Index (14) moves below the 40-level, the nearest support could be found at the $1000 level. If there is a bearish break below this support, ETH/USD could test another support before breaking the lower boundary of the channel. However, any further bearish movement could lead the price towards the support levels of $600, $400, and $200.

Against Bitcoin, the Ethereum price is hovering around 5741 SAT. Therefore, if the price remains above the 9-day ad 21-day moving averages, there is a possibility that additional resistance levels may be created in the long term. On the contrary, if the price crosses below the lower of the channel, it could hit the critical support at 5000 SAT and below.

ETHBTC – Daily Chart

However, a bullish movement towards the upper boundary of the channel may play out and the potential resistance level could be located at 6500 SAT and above as the technical indicator Relative Strength index (14) stays above 50-level, which suggests an upward movement.

eToro – Our Recommended Ethereum Platform

eToro exchange
  • Monthly Staking Rewards for Holding Ethereum (ETH)
  • Free Secure ETH Wallet – Unlosable Private Key
  • Regulated by FCA, ASIC and CySEC – Millions of Users
  • Copytrade Profitable Ethereum Investors
  • Buy with Credit card, Bank wire, Paypal, Skrill, Neteller, Sofort

eToro exchange

68% of retail investor accounts lose money when trading CFDs with this provider.

Read more:

Source link

Leave a Reply