Ethereum’s price is firmly holding its foothold near $2,500 on Tuesday. ETH’s price is whipsawing between $2,500 to the downside and $3,200 to the upside, in a trading range since January. Upside potential is evident as price found reliable support at $2,500.
- Ethereum’s price remains stable at around $2,500 with remarkable gains.
- Expect a bounce back with an ascent of 28% from the current levels.
- RSI gives bullish divergence since January 21.
Ethereum price sets for a bounce-back
Ethereum price set to make a comeback from the current levels as ETH is trading in a short-term trading range of $2,500 and $3,200. The formation of consecutive ‘Doji’ candlesticks around the support level indicates sellers are exhausted and waiting for the next signal.
However, buyers will meet many upside hurdles before tagging swing highs of $3,200. A resurgence in the buying pressure would see the first upside target at $2,800.
Furthermore, an acceptance above the 50-day EMA (Exponential Moving Average) at $2,907.03 is a prerequisite to taking out the ultimate target of $,3200.
On the flip side, a weekly close below the $2420 horizontal support level will trigger a fresh round of selling in the asset. The immediate downside target is placed at $1,718.41 levels last seen in July 2021.
Ethereum’s price witnessed a fall of 16% in the previous week, further it is still struggling at the critical support at $2,500. The broader crypto market sentiment is uncertain with volatility. Bitcoin price rejected below $40,000. ETH remains pressured below 50-day EMA since March 2 and headed toward the key mentioned key support area. However, buyers managed to keep a foothold and prevent a further drop in price.
Technical indicators:
RSI: The daily Relative Strength Index spot bullish divergence since January 2 while the price is consolidating near the current levels.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a negative bias.
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