TL;DR
- Indecisive market turns Ethereum price prediction muddy
- ETH/USD hovers near $1,820 as significant supports defend against sellers
- Failure to cross $1,870 will bring back lower support levels and stall recovery
- Tight Bollinger bands further limit any upside in the near term
Ethereum price prediction is fast approaching muddy territory as the pair is stuck in a tight range. The Bollinger Bands have a range of $1,720 to $1,861, making the trading decisions more confusing. The world’s second-largest cryptocurrency by market cap is currently upward biased since technical indicators supports bullish wave upwards.
The 21-day exponential moving average is below the price and hence providing support on the hourly charts. The zig-zag movement is indicating that a period of sluggish continuation is dawning upon the pair. The ETH/USD will have to cross the $1,861 barrier to paint a Bollinger Bands breakout.
The ‘higher low’ candlestick pattern on the daily charts is also supporting the bullish viewpoint. In the past two days, the sell-off is reminiscent of another bull run in the making where minor corrections in the price translate into accumulation zones. On the upside, the price will likely be capped near the $1,850 range.
Ethereum price movement in the last 24 hours: Rangebound and indecisive
Ethereum price prediction reveals that the recent correction was not deep, and the bullish volumes stabilised the price. The 5.2 percent decline in the ETH/USD price was handled well by the bulls, who prevented any excessive selling. The lows have been limited to under $1,716. As the pair builds upon its newfound strength, the ETH/USD is gaining ground on the hourly charts.
The ascending price channel is sloping upwards as the market builds momentum. The bulls are looking for more robust volumes to create further price movement towards $1,761 resistance. After the sluggish price action of the last 48 hours, the ETH/USD pair has picked up pace in the recent hours to paint more bullish hammer candlesticks.
However, the price is still far from $1,900 resistance that limits the daily upside potential reflected in Ethereum price potential. The March ascending price channel is still in play as the bullish candles are very much intact above the 21-day EMA at $1,690. The immediate support at $1,755 is also helping the bulls stay afloat on the hourly charts.
ETH/USD 4-hour chart: Short-term bullish bias builds momentum
The .382 Fibonacci resistance at $1,698 is providing relief against excessive selling. There are large buy walls near the $1,540 level where the .618 Fibonacci retracement holds the fort. The resistance at $1,800 is where the bulls will face the first line of selling pressure. The 1.414 Fibonacci extensions at $1,874 and the March high of $1,940 will be crucial resistance levels to clear.
In the quest to retouch the $1,960 all-time highs, the technical indicators will play a crucial role in Ethereum price prediction. The current Ethereum price prediction is lining up nicely in favor of the bulls as multiple technical indicators provide clear bullish indications. The RSI is upward sloping and crossing the 54 levels on the charts. The MACD just completed a crossover to the bullish zone, indicating yet another bull run in the near term.
Indecision is reflected in the volumes where the market is yet to see an intense buying spree. The bearish momentum can touch last week’s lows if the bears can mount the selling pressure. The 200-day EMA near $1,510 will be an important pivot point. Also, key support levels in the ETH/BTC pair will be $0.0305 BTC and $0.0310 BTC.
Ethereum price prediction conclusion: Bulls target $1,900 up ahead
There has been no big event news that may shake the fundamental picture of Ethereum price prediction. However, as the ETH 2.0 materializes, the tension is evident in the price action. The technical indicators are known to perform erratically in case any fundamental news rocks the market.
The RSI may help push the price well above the 9-day EMA and create a bullish momentum. The overhead pressure near $1,800 is within reach before the weekend. The sabotaged bear run has now ended, and the ongoing price action favors the bulls. Ethereum price prediction is heading towards $1,871 resistance to target $1,900 next.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.