With a 7.4% increase in mid-week trade, the price of Ethereum has risen off support at $1,074. During Wednesday’s European session, the top smart contract platform is trading at $1,167. It appears technically sound to narrow the gap to $2,000 and has printed two green candlesticks.
Todays Ethereum Price
Ethereum Price Prediction
Since the FTX drainer transferred monies taken from FTX in ETH, the price of Ethereum has been on shaky ground. Before converting over $72 million from ETH to BTC using the renBTC Gateway, the hacker first combined the assets into a single wallet. The Ethereum network may now accept Bitcoin thanks to this platform. If the selling keeps up, the rebound will be stifled by overhead pressure.
The TD Sequential indicator’s purchase indication is shown on the daily time frame chart. The red nine candlestick reflects this, indicating that selling are worn out and it is time for purchasers to assume control.
The Moving Average Convergence Divergence (MACD) indicator will issue another buy signal if Ethereum maintains its bullish price action in the current and following daily session, solidifying the bulls’ return to the market.
However, before initiating larger purchase orders, traders must wait for the 12-day Exponential Moving Average (EMA) to cross above the 26-day EMA (in brown). Another indicator of a lasting recovery will be the MACD moving into the positive territory (above the mean line at 0.00).
The primary support at $1,074 will see a 61.8% rise in the price of Ethereum. The 100-day EMA (in blue), which is now holding at $1,427, and the 23.6% Fibonacci mark, which is highlighted around $1,298 are where traders can begin taking profits.
The movement to $2,000 may be slowed down by the abundance of sellers between $1,199 and $1,232. Information from the IOMAP model of IntoTheBlock shows that 8.33 million ETH were previously purchased by 1.45 million addresses in that timeframe. Increased overhead pressure will emerge from certain investors closing their holdings at their individual breakeven points as the value of cryptocurrencies rises.