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Ethereum price prediction: ETH in consolidation between short-term support at $2,020 and resistance at $2,070. As the DeFi TVL grows, Ether is expected to keep the rally intact.
By
John Isige
Published 2 hours ago
Ethereum Price Prediction: Ethereum (ETH) price stayed relatively unchanged on Thursday despite the trading volume dropping by 20% to $8.5 billion. Intriguingly, the altcoin’s market cap is holding up above $245 billion, according to market data by CoinMarketCap.
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This has been a week of consolidation with Ethereum price sitting above the $2,000 level. Recovery has become an uphill battle leaving Ether to wobble between support at $2,020 and a short-term resistance at $2,070.
Ethereum Price Prediction: How Far Is Ethereum From Breakout?
The Moving Average Convergence Divergence (MACD) indicator upholds the mundane sideways trading Ethereum has displayed since Monday. Its downside is protected by the 100 Exponential Moving Average (EMA) (blue) at $2,020 and the ascending trendline.
Ethereum price tends to react bullishly every time it has retraced to touch the trendline. Therefore, in case of dips towards the $2,000 mark, bulls could seize the opportunity to buy into ETH while speculating on the next breakout first to $2,200, and later to the subsequent levels at $2,500 and $3,000.
Traders should exercise caution and restraint as long as Ethereum is trading below the short-term resistance at $2,040, as highlighted by the 50 EMA (red). The action above this level and the next resistance between $2,058 and $2,070 would serve as a breakout signal, paving the way for a bigger move to $2,200.
Ethereum price prediction chart Tradingview
The momentum indicator will confirm the uptrend’s continuation with the blue MACD line flipping above the red signal line.
A triangle pattern forming on the four-hour chart could nurture a bigger breakout towards $3,000 if validated. Bulls must focus on breaking above resistance at $2,120 to activate the triangle breakout. Most traders would consider going long on Ethereum slightly above the triangle.
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A glimpse of the daily chart assures traders of support at $2,015 but based on the current technical, as depicted by the sell signal from the MACD, ETH might drop again before making another significant recovery attempt.
Ethereum price prediction chart
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