The price of Ethereum (ETH) is hovering around $2,600 after three consecutive days of decline. EHT is stabilizing after dropping below USD 2,500 for a short time. In the previous attempt, Ethereum price lost momentum as it approached the said level.
Ethereum (ETH) price is trading with modest gains after three days of fall. Expect a 12% increase from current levels as the price trades along a rising trendline. The upside is limited to $3,200 at the 200-EMA.
The rising trendline from the January lows at USD 2,159 is acting as support for the bulls. In addition, the higher highs along with the bullish slopping line suggest that the price of ETH could see another jump towards $3,000.
However, investors must overcome the USD 2,750 horizontal hurdle to clear their way to the March 2 highs at USD 3,045.00.
Source: Trade View
Technical indicators:
RSI: The daily Relative Strength Index is trying its best to cross above the average line. Any rise in the indicator would seek upward momentum in the pair.
MACD: The moving average convergence divergence (MACD) floats below the centerline with a neutral bias.
Volume: The volume flow indicator is trading in the oversold zone. Even a slight dip in the indicator will push the price higher.
Above, the $3,000 Ethereum price will encounter the strong resistance barrier placed on the 200-day Exponential Moving Average (EMA) at $3,230.
Alternatively, if the price breaks the bullish slopping line, the ETH price will test the February lows at $2,300.
Strong support is placed on the weekly chart around $2,224.54. If a broken new sell round will be triggered towards the July lows at $1,718.
Source: Trade View
The second largest cryptocurrency has a 24-hour trading volume at $12,439,650,838 according to CoinMarketCap. ETH last traded at $2,644 with a gain of 0.87%.
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This post Ethereum Price Prediction: ETH Bounces From Lows Near $2,500; Ready to jump to $3,000?
was published first on https://coingape.com/markets/ethereum-price-prediction-eth-bounces-off-lows-near-2500-ready-to-jump-toward-3000/
