The Ethereum price prediction may need to cross above the $3000 resistance level to deny the sellers the opportunity to enter the market.
ETH/USD Market
Key Levels:
Resistance levels: $3400, $3600, $3800
Support levels: $2400, $2200, $2000
ETH/USD heads to the upside as the coin prepares to cross above the 9-day moving average. In addition, the Ethereum bullish action could be seen above the $2900 resistance level to touch the daily high of $2934 level. Meanwhile, an intraday high may form above the 9-day and 21-day moving averages.
Ethereum Price Prediction: ETH May Spike to the Upside
The Ethereum price is seen recovering from the lower boundary of the channel as the coin moves to reclaim the resistance level of $3000. Presently, the $2800 may likely be a key support zone for the coin, and if it is broken, the sell-off may be extended towards the $2600 support level.
Currently, the price of the coin is changing hands at the $2924 level, and the bulls are making effort to push it to the upside. On the other hand, any reversal below the lower boundary of the channel may welcome the bears back into the market as the price could meet the critical supports at $2400, $2200, and $2000. More so, the technical indicator Relative Strength Index (14) is moving above the 40-level which indicates that the coin may move sideways, but any further bullish movement could locate the resistance levels at $3400, $3600, and $3800.
When compared with BTC, the daily chart shows that the Ethereum price is trading well in a slight uptrend around 7431 SAT. Meanwhile, as soon as the price crosses above the upper boundary of the channel, there is a possibility that additional bullish movements could be achieved in the long term. If the Ethereum price keeps rising, it could break the potential resistance level of 8200 SAT and above.
Meanwhile, if the bears return into the market, the coin is likely to stay below the 9-day and 21-day moving averages to hit the support level of 6800 SAT and below. However, the daily outlook is even looking bullish as the Relative Strength Index (14) remains above 50-level to enhance the bullish movement.
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