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.

Technical indicators:

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.


The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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This post Ethereum price forecast: ETH price could rise 20% from key support, downside remains capped at $2,500

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