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.
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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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/