Ethereum Crypto Price Prediction: Will ETH Break the $18000 Level?
Ethereum is a platform that enables money and applications to run on a decentralized network. Its native currency, ether (ETH), can be used for payments and smart contracts. Ethereum also supports many other digital assets and dapps that leverage its technology.
Ethereum price is trading above the 50 and 200-Day moving averages which obtain an optimistic sentiment in the market. However, the price taking multiple supports on a 50 moving average in upcoming days will show whether it sustains 50 ma or not.
Ethereum FD market cap is 224.847 Billion. ETH has to break a key resistance of $2140.50 to sustain the bullish momentum and in this case, bulls have to support the price.
Over the past seven days, the price of ETH has decreased by -1.23% and performance was weak last week. Over the last 12 months, the price of ETH has declined by -61.77% from its peak of $4878.26. However, market sentiment is positive at the moment.
Ethereum Price Technical Analysis
Ethereum’s crypto price has remained above the 50 and 200-day SMAs, signaling a bullish trend. The outlook for the next week is positive, as long as the buyers maintain the upward momentum. A bullish cross on the chart confirms the uptrend.
Source: ETH/US DOLLAR .1D by TradingView
Right now, MACD is giving bearish signals. The MACD line at -2.9 and the signal line at 4.8 is heading below the zero line. MACD indicates that ETH may experience further downward movement in the short term.
The RSI line is at 45.74, which suggests that the crypto is currently heading towards an overbought zone. Moreover, the 14-day Simple Moving Average (SMA) line is at 50.16, indicating a negative price trend in the short term.
The Supertrend indicator gives a green signal, confirming the bullish sentiment.
Technical Levels:
- Support – The current support levels are $1785.00.
- Resistance –The current resistance level is $2030.00.
Conclusion
The price of ETH crypto is mildly bearish at the moment. In spite of this, price action indicates that it might increase more in the future if buyers support the coin, the price of ETH is trading above its 50-day and 200-day moving averages, which indicates a bullish scenario. Today, major reliable indicators like the RSI and MACD are signaling that Ethereum (ETH) has losing momentum. However, investors and traders should avoid FOMO and wait for proper setup.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
