The Ethereum price prediction shows ETH breaking towards the moving averages as eyes are focusing on the $3200 level.
ETH/USD Market
Key Levels:
Resistance levels: $3500, $3700, $3900
Support levels: $2500, $2300, $2100
ETH/USD is refreshing to a new high after touching the daily low of $2880 to breaches above $3000 as the coin currently trades at $3004 with a bullish crossover and trend the intraday. Today, the number two crypto moves to cross above the 9-day moving average but the higher support is expected at the $2900 level.
Ethereum Price Prediction: Ethereum Price May Explode
The Ethereum price is struggling to cross above the 9-day and 21-day moving averages. At the time of writing, the technical indicator Relative Strength Index (14) is moving within the channel, and it’s likely for the coin to experience some bullish signals, which can finally encourage more buyers to enter the market.
However, if the 9-day moving average remains above the 21-day moving average, the coin may begin to do well, and the price could hit the resistance levels at $3500, $3700, and $3900 respectively. More so, if the technical indicator decides to make a quick turn and cross below the 40-level, there may be a quick bearish drop which may likely hit the support levels of $2500, $2300, and $2100.
When compared with Bitcoin, Ethereum is trading below the 9-day and 21-day moving averages as the price makes a retreat below the opening price of 7531 SAT. However, the fact that the market remains in the descending channel, the coin seems to be moving towards the lower boundary of the channel.
Moreover, if the buyers push the market price above the channel, ETH/BTC may likely touch the resistance level of 8200 SAT and above. On the contrary, higher selling pressure may likely cancel the bullish pattern, and this could attract new sellers coming into the market with the next focus on 6700 SAT and 6500 SAT support levels, while the technical indicator Relative Strength Index (14) moves to cross below 50-level.
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