The Ethereum price prediction is getting ready to touch the resistance level of $2000 as the market moves sideways.
Ethereum Prediction Statistics Data:
- Ethereum price now – $1721
- Ethereum market cap – $209.3 billion
- Ethereum circulating supply – 121.7 million
- Ethereum total supply – 121.7 million
- Ethereum Coinmarketcap ranking – #2
Resistance levels: $2600, $2800, $3000
Support levels: $1000, $800, $600
ETH/USD is currently ranging around $1721, and it is likely to climb above the upper boundary of the channel. Now, the Ethereum price has been moving sideways, as the coin is struggling to stay above the 9-day and 21-day moving averages. The Ethereum price is likely to shoot to the upside as the red line of the 9-day MA stays above the green line of the 21-day MA.
Ethereum Price Prediction: Ethereum (ETH) May Keep Moving Sideways
According to the daily chart, if the Ethereum price crosses above the channel; it could hit the nearest resistance level of $2000. However, a successful break above this level could open the doors for an additional increase to the $2400 level. In the meantime, any further bullish movement could push the coin to the potential resistance levels of $2600, $2800, and $3000.
Moreover, as the technical indicator Relative Strength Index (14) moves below the 70-level, the nearest support could be found at the $1600 level. If there is a bearish break below this support, ETH/USD could test another support before breaking towards the lower boundary of the channel. However, any further losses could lead the price towards the support levels of $1000, $800, and $600.
When compared with Bitcoin, the Ethereum price is moving bullishly, and the coin hovers around 7217 SAT. Therefore, if the price crosses above the upper boundary, there is a possibility that additional resistance levels may be created in the long term. However, the next resistance level above the current price is close to the 7400 SAT. More so, if the price crosses below the 9-day and 21-day moving averages, it could hit the critical support at 6000 SAT and below.
However, if the bulls put more pressure, a bullish movement above the upper boundary of the channel may play out and the potential resistance level could be located at 8500 and above. Therefore, if the technical indicator Relative Strength Index (14) remains below the 70-level, the Ethereum price could break into the overbought region.
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