Ethereum price is trading positively on Monday, but fluctuating in a very tight range. ETH needs to break through the near-term price consolidation of $2,500 and $2,800 with strong volumes to decide further action. The formation of alternating red and green candlesticks near the support zone signals investor indecision.
Ethereum price is trading higher amid range-bound trading. Expect a 20% increase if it breaks above the bearish trendline. The momentum oscillators remain neutral with no apparent directional bias.
Ethereum price seeks directional setup
Source: Trade View
On the daily chart, Ethereum price faces multiple rejections near the crucial 50-day EMA (exponential moving average), first near $3,274.0, then at $3162.35 and finally at $3,040 70. In addition, the formation of a ‘red’ candlestick every time indicates the momentum of the selling pressure.
However, it is interesting to see the altcoin rally near the $2,500 stable support zone with a short break from the level on Feb. 24. Ethereum price is rising with limited upside gains since ETH tested all the lows on January 24 at $2,159.0.
Currently, the price is fluctuating near the well-known support zone, a bounce-back is expected in the ETH first towards the 50-day EMA at $2,847.66.
Renewed buying pressure could fuel ETH/USD’s further upside potential to test the $3,200 horizontal resistance line which will also mark the crossing of the critical 200 EMA.
Rather, a spike in the sell order or if buyers are not convinced by the upward momentum, Ethereum price could crash to the February low of USD 2,300 in that scenario.
RSI: The daily Relative Strength Index has been fluctuating near the average line since February 11. Any rise in the indicator could push the price up in the short term.
MACD: The moving average convergence is still trading below the centerline with no apparent directional bias.
At the time of writing, ETH/USD is trading at $2,573, up 2.25% for the day. The 24-hour trading volume of the second largest cryptocurrency stands at $11,164,596,101.
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This post Ethereum price forecast: ETH price could rise 20% from key support, downside remains capped at $2,500
was published first on https://coingape.com/markets/ethereum-price-prediction-face-upside-risk-of-20-from-key-support-level-downside-remains-capped-near-2500/