Ethereum is on the up move again with the crypto aiming to make new highs.
Price has filled the big gap from $3.2K to $3.7K, which could complete the consolidation phase.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
ETH Price Target
- Price: $3,487.12
- Market Cap: $413.56 billion
- 24h Trading Volume: $1.45 billion
- Circulating Supply: 120.8 million ETH
- Resistance Breakout: Once a price breaks above a resistance zone, it signals that buyers have absorbed all the supply from sellers at this level and price can resume it’s advance. Following a resistance breakout, the next closest resistance zone becomes a price target.
It bounced up 15% from very oversold levels (RSI < 30) near $2,850-$2,930 support zone and broke back above resistance at $3,200 and 200-day moving average.
This signals that buyers have absorbed all the supply from sellers around this area and price can resume its uptrend, with upside potential to $3,700 next. The upcoming launch of ETH Spot ETFs could also boost demand for ETH.
Weekly Price Analysis
- Weekly Low: $3,340
- Weekly High: $3,500
- Weekly Change: +3.45%
- Trend: Short-term trend is Strong Up, Medium-term trend is Neutral and Long-term trend is Up.
- Momentum is Bullish ( MACD Line crossed above MACD Signal Line) ABOVE days ago. Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
- Support and Resistance: Nearest Support Zone is $2,850.00, then $2,620.00. Nearest Resistance Zone is $3,700.00, then $4,000.00.
News Roundup
- Ethereum Network Upgrades: Ethereum has recently completed the upgrade to its sharding protocol, which promises to significantly enhance transaction speed and reduce gas fees.
- Institutional Adoption: Major financial institutions are increasingly adopting Ethereum for its smart contract capabilities, further boosting its market presence.
- DeFi Growth: The Ethereum network continues to see growth in decentralized finance (DeFi) projects, adding to its utility and demand.
Indicators
- RSI (Relative Strength Index): 57 (indicating moderate buying pressure)
- MACD (Moving Average Convergence Divergence): Currently bullish, with the MACD line above the signal line.
- Bollinger Bands: Price is near the upper band, suggesting it may be overbought in the short term.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
