Ethereum price is trading cautiously making consolidating moves. ETH opened lower but was able to recover and tested the session highs at $2,661.38 with above average volumes. Continued buying pressure could result in a short-term rise in the altcoin.
Ethereum price is trading in a very tight range on Tuesday. Expect more gains if the price makes a decisive close above USD 2,640. ETH faces upward rejection near 50-day EMA at $2,820.
At the time of writing, ETH/USD is trading at $2,614, up 0.99% for the day. The second largest cryptocurrency by market cap keeps 24-hour trading volume at $12,100,941,234 with gains of 8%.
Ethereum price is going to rise
Source: Trade View
On the daily chart, Ethereum price has formed a ‘Hamer’ pattern, which is a bullish reversal formation. The pattern forms when the market is oversold and looks for a rebound from the crucial support level. In addition, volumes also supported the technical set-up.
Now the price firmly broke the upward resistance of the 1 hour chart. This means the underlying force in the current price action.
For bulls, the first upward target is placed on the 50-day Exponential Moving Average (EMA) at $2,852.74. The Ethereum price will be encouraged to then test the psychological level of $3,000.
Rather, a change in bullish sentiment will spark another downward phase in the asset. Further downward movement is the immediate support at USD 2,500 followed by the February 22 lows at USD 2,300.
RSI: The daily Relative Strength Index was above the average line with a bullish bias. A rise in the indicator can be a positive sign for the price.
MACD: Moving average convergence divergence still hovered below the midline with a neutral outlook.
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 Prediction: Remains Sideways Near $2,600 with Good Volumes; Is a sign for a short-term gain?
was published first on https://coingape.com/markets/ethereum-price-prediction-remains-sideways-near-2600-with-volume-support-is-sign-for-a-short-term-upside/