- Ethereum price prediction highlights ETH price rejection at $2,900.
- Buyers scatter despite the hunt for strong support.
- Ethereum’s immediate support at the 50 Simple Moving Average could suspend further declines.
After registering an impressive uptrend towards the $3,000 mark, Ethereum is back trading in the red. The price rally from last week’s critical support at $1,700 failed to bypass the $2,900 resistance barrier due to mounting overhead and selling pressure. It is worth keeping in mind that the current price retreat is not distinct to Ethereum, but it appears to be crisscrossing across the entire crypto market.
Ethereum Price Prediction: General price overview
Following Bitcoin’s price rejection at the $40,000 mark, the number one crypto coin currently seeks support around the $36,000 price region. As it has been the norm, Bitcoin’s price plunge seems to be affecting the price trend of the general crypto market. For instance, Ripple lost the battle to rally past the $1 mark to settle at around $0.9 during the latest Bitcoin price dip.
At the time of writing, the pioneer crypto token is exchanging hands at around $2,82. Ethereum’s resolve to bypass the $3,000 mark looked unstoppable during today’s early morning trading session when the crypto coin was trading at $2,600. Despite the bullish outlook, Ethereum suffered a price correction at the key resistant barrier at $3,000. Fortunately, Ethereum’s 50 Simple Moving Average (SMA) was in place to avoid further price declines from the correction below the $2,400 mark.
Ethereum price movement in the past 24 hours
Ethereum’s 24-hour price movement shows that the pioneer crypto-asset hit an intraday high of $2,879 before registering a backward correcting. Additionally, the 24-hour price chart displays the weakening of key short-term technical indicators. For instance, the Moving Average Convergence Divergence (MACD) technical indicator appears to be moving sideways at the midline. Although the current indicator communicates a neutral signal, a downward trajectory is likely to happen. If such a move happens, losses are likely to increase due to MACD’s movement below the signal line. The trend momentum indicator will move towards the 0.00 mean line in such a case, validating the bearish narrative.
Ethereum 4-hour chart
Ethereum’s 4-hour price chart also paints a bearish picture for the Ether. At present, Ethereum’s Relative Strength Index (RSI) paints a vivid bearish picture following its movement towards the negative region. This move proves to tighten the bear’s grip on the cryptocurrency, making it hard for bulls to trigger a new bullish rally. Therefore, going by the current circumstances, the least resistant route for Ethereum at present is the downside.
Ethereum’s 50 Simple Moving Average, currently at $2,600, will cushion the crypto asset from losses past this price region despite the bearish outlook. This means that buyers can start preparing for a significant price recovery once Ethereum reaches this price region. On the other hand, if Ethereum manages to settle above the $2,900 price region, the crypto coin could be strategically placed for a massive bull run that will push it towards the $4,000 price region.
While the future of Bitcoin remains a mystery to everyone, Ethereum founder Vitalik Buterin is planning to update Ethereum’s code that dates back to 2019. According to market pundits, Vitalik is positioning Ethereum to take over from Bitcoin if the number one crypto asset fails to recover from its ongoing bear onslaught.