Ethereum (ETH) price makes remarkable gains in the US session as the new trading week begins. ETH price may continue to climb to spot crucial resistance levels as it found reliable support around $2,500. The journey to $3,200 will not be an easy task for bulls as ETH price will face multiple hurdles before it breaks psychologically. number is highlighted.
The price of Ethereum (ETH) is higher on Monday. The price is bouncing from a near-term support level near $2,500. Momentum oscillators give mixed signals with no apparent bias.
Ethereum price seeks an advantage
Source: Trade View
Ethereum price formed multiple support barriers near the USD 2,500 on the daily chart, pointing to a near-term recovery from current levels. While the price briefly tests $2,489 and quickly regains the $2,600 level with above average volumes in today’s session.
The immediate first target is placed at Friday’s high of $2,835.95.
Furthermore, an acceptance above the 50-day EMA (Exponential Moving Average) at $2,912.51 will put $3,200 into play.
On the other hand, if selling pressure builds, Ethereum price could be immediately supported on the horizontal support line of $2,425.82.
It will then add an extra foothold to the January 24 lows at $2,159. Further selling pressures could prompt sellers to revisit the $1718.41 levels for the last time in July, voiding the optimistic long-term outlook.
RSI: The daily Relative Strength Index (RSI) has traded continuously lower since February 15, while trading below the average line. He is currently at 41.
MACD: The Moving Average Convergence Divergence (MACD) coincides with RSI with a negative bias.
OBV: The On Balance volume gets higher as the price moves north.
In short, Ethereum (ETH) is in a long-term downtrend. But it could continue its $2,500 and $3,200 consolidation before it gains a clear direction bias.
At the time of writing, ETH/USD is trading at $2,608, up 2.28% for the day.
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This post Ethereum Price Prediction: Ethereum (ETH) Bounces Towards $2,700, Is $3,200 Next?
was published first on https://coingape.com/markets/ethereum-price-prediction-ethereum-eth-bounces-off-towards-2700-is-3000-next/