The price of Ethereum is holding firm near $2,500 on Tuesday. The price of ETH has fluctuated between $2,500 down and $3,200 up, in a trading range since January. Upside potential is clear as the price found reliable support at $2,500.
The price of Ethereum remains stable around USD 2,500 with notable gains. Expect a recovery of 28% from current levels. RSI indicates bullish divergence since January 21.
Ethereum price is poised for a bounce back
Source: Trade View
Ethereum price is set to make a comeback from current levels as ETH trades in short-term ranges of $2,500 and $3,200. The formation of consecutive ‘Doji’ candlesticks around the support level indicates that sellers are exhausted and waiting for the next signal.
However, buyers will encounter many upside hurdles before marking swing highs of $3,200. A resurgence in buying pressure would bring the first upward target at USD 2,800.
In addition, an acceptance above the 50-day EMA (exponential moving average) of $2,907.03 is a prerequisite for hitting the final target of $.3200.
On the downside, a weekly close below the horizontal support level of $2420 will trigger another round of selling of the asset. The immediate downward target is placed at $1,718.41 last seen in July 2021.
The price of Ethereum witnessed a 16% drop in the past week, otherwise it is still struggling with the critical support of $2,500. Broader crypto market sentiment is uncertain with volatility. Bitcoin Price Rejected Below $40,000. ETH continues to be under pressure below the 50-day EMA since March 2 and moved towards the key support area mentioned. However, buyers managed to keep a foothold and prevent a further fall in prices.
Technical indicators:
RSI: The daily Relative Strength Index spots bullish divergence since January 2, as the price consolidates near current levels.
MACD: The moving average convergence divergence (MACD) floats below the centerline with a negative bias.
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This post Ethereum Price Prediction: 28% Face-Upside Risk from $2,500, Back on the Cards?
was published first on https://coingape.com/markets/ethereum-price-prediction-face-upside-risk-of-28-from-2500-is-bounce-back-on-the-cards/
