Ethereum price action is trading with modest gains on Saturday. The price manages to recover from the lows of $2,552.25 after two consecutive fall sessions. ETH has been moving sideways since late January.
Ethereum price remains sideways with no meaningful price action. Expect more gains towards $3,200 above a decisive close of 50-day and 200-day EMAs. The Momentum oscillators remain neutral and warn of aggressive bids.
As of publishing time, ETH/USD is trading at $2,587.56, up 1.21% for the day. The second largest cryptocurrency by market cap has a 24-hour trading volume at $10,529,939,128 with over 8% losses.
Ethereum price seeks an upward reversal
Source: Trade View
On the daily chart, Ethereum price rose 55% after testing lows of $2159.00 on January 24, reaching swing highs at $3,284.75. However, investors are unconvinced or willing to hold onto gains and fell to a low of $2,300 in February with few hitches in between.
It will be interesting to see how sellers react near the vital level of $2500 for a short period of time. Ethereum price has tested the support level three times since the end of January, making it a critical level for trading.
Now, the renewed buying pressure will prompt Ethereum’s price to test many hurdles to the upside before tagging the ultimate target at $3,200.
A green candlestick on the daily chart could first hit the 50-day Exponential Moving Average (EMA) at $2,853.23. Next, market participants will move higher to take out the crucial 200 EMA for $3,200.
On the other hand, a sell order spike could cause it to breach the reliable USD 2500 support level. On the other hand, sellers will gather liquidity in the demand zone stretching from $2,300 and $2,159.0.
Technical indicators:
RSI: The daily Relative Strength Index is trading neutral as it oscillates near the average line. Any rise in the indicator could push the price up.
MACD: The moving average convergence divergence has been hovering below the midline since Feb. 19 with no meaningful price action.
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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: Strong Support Emerges at $2,500; Is a bounce back to $3,200 on cards?
was published first on https://coingape.com/markets/ethereum-price-prediction-strong-support-emerges-at-2500-a-bounce-back-toward-3200-on-cards/
