Ethereum Price Prediction: ETH/USD Reclaims $4500 Level
At the time of writing, ETH/USD is hovering above $4500 as the coin prepares to gain more bullish signals. The movement to the upside has not allowed the market to bow to the selling activity under $4000 yesterday. At the moment, Ethereum (ETH) is trading above the 9-day and 21- moving averages. In the short term, bearish momentum is very likely especially if the bulls fail to hold the price above $4500 and the 9-day MA is still very below the 21-day MA.
Ethereum Price Prediction: Would Ethereum (ETH) Break Higher?
The Ethereum price may need to rise and break towards the upper boundary of the channel but may likely break beneath the moving averages at $4200 before turning bullish. Therefore, if the sellers push lower, traders can expect very strong support at $4100. If the bears push further below, then additional supports may be located at $4000, $3800, and $3600.
On the other hand, if the buyers continue the upward movement above $4500, the first level of resistance could be found at $4700. This may be followed by reaching the potential resistance levels at $4800, $5000, and $5200 while the Relative Strength Index (14) moves above 50-level to indicate an average bullish movement within the market. Meanwhile, if the technical indicator dips beneath this level, the Ethereum price may head lower to the downside.
When compares with Bitcoin, the Ethereum price keeps trading as the market keep moving sideways. ETH/BTC is currently trading at 3797 SAT and the bulls is trying to push the price to the north. However, if the price drop below the 9-day and 21-day moving averages, the next key support may likely be at 3300 SAT and below.
However, a possible bullish movement could push the market towards the upper boundary of the channel, a break above this barrier may enable ETH to reach a high of 4300 SAT and above but the Relative Strength Index (14) is moving around 55-level, which shows that the market may continue to experience sideways movement.
Reference by: Investing.com