The Ethereum price prediction shows that ETH moves to the upside as any close above the $2000 price mark is expected.
Resistance levels: $2500, $2700, $2900
Support levels: $1500, $1300, $1100
ETH/USD is seen trading at $2113 after recording an intraday high at $2138 during the European session today. Looking at the daily chart, Ethereum (ETH) is following the footsteps of Bitcoin (BTC) as its margin of gains has been limited this time around. ETH/USD is heading to the 9-day and 21-day moving averages after the beginning of today’s trade at $1954.27.
Ethereum Price Prediction: Would ETH Price Spike to the Upside?
Since the beginning of this month, after the Ethereum price touches the monthly high of $2849 and since then begins to head to the south, currently trading at the $2118 level. In the meantime, the Ethereum price may move towards the 9-day and 21-day moving averages to touch the nearest resistance at $2300.
However, the Ethereum price may begin to do well and the price could hit the resistance levels at $2500, $2700, and $2900 respectively. Meanwhile, should the technical indicator decide to make a quick turn to the south, there may be a cross below the lower boundary of the channel and the bearish drop may likely roll the market down to the support levels of $1500, $1300, and $1100 as the Relative Strength Index (14) is recovering from the oversold region.
When compared with Bitcoin, as the red line of 9-day MA crosses below the green line of 21-day MA, the market price may focus on the downward movement within the channel. ETH/BTC is currently trading at 6894 SAT but if the market begins to rise, the next key resistance may likely be at 7500 SAT and above.
On the downside, a possible bearish movement below the lower boundary of the channel may likely come into play, when this is done, the support level of 6200 SAT and below could be visited. Meanwhile, the market may have a bullish day today because the Relative Strength Index (14) indicator moves to cross above the 40-level, suggesting more bullish signals.
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