source : cryptopotato.com
Key Support levels: $4,000, $4,329
Key Resistance levels: $4,566, $4,868 (ATH)
ETH made a successful re-test of the $4,000 support level yesterday and ever since then, the price has been increasing. It also broke the resistance at $4,329 which has now turned into support. If this momentum is maintained, then ETH bulls can reclaim the psychological level at $4,500. At the time of this writing, the cryptocurrency is up about 8% in the past 24 hours.
Moreover, on the ETH/BTC chart, the rally continues and yesterday ETH made a new high at 0.087 BTC. However, any further increases might have to wait as Bitcoin is also increasing above $50K today.
Trading Volume: The volume yesterday was very strong. As soon as ETH bounced off the $4,000 support, the bulls came in force and quickly pushed price to $4,200. This showed that ETH is well-defended at this key support level.
RSI: The RSI is curving back up and since it made a higher low, despite the crash, the bulls came in swiftly to move price up.
MACD: The MACD is preparing for a bullish cross on the daily timeframe. This seems to be one or two days away, should the momentum remain the same. If that happens, ETH is posed to re-test its all-time high and give BTC a hard time on the ETH/BTC pair.
The bias for ETH has turned bullish. This comes after a successful retest of the $4,000 level followed by a strong rally.
Short-Term Price Prediction for ETH
Ethereum’s fast recovery has restored the market confidence and risk-taking has returned. This is demonstrated by the price action and the momentum which can take it to $4,500 in the near future.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.