Ethereum Price Prediction: ETH Looks For 33% Gains Above A Daily Close Of $3,000

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Ethereum price edges higher with significant gains on Tuesday. The price opened lower but the sustained buying pressure pushed the price to test the critical $3,000 mark in two weeks.

Ethereum price prints gain for the second straight day.
A decisive close above the parallel channel will test the $4,000 mark.
Strong resistance placed near $3,200 on the daily chart.

Ethereum price consolidates inside rectangle formation

On the daily chart, the Ethereum price attempts to test the coveted $3,200 mark. The price is consolidating inside the parallel channel for the past three months, with a lower range of $2,150 and an upper boundary capped at $3,200.

Source: Trading View

The price remains pressured below the 200-EMA (Exponential Moving Average) at $3,195. Thus make $3,200 a crucial level to trade. The volumes support every time the price bounces from the support level.

Furthermore, the price faces rejection at $3,200 on January 20 and February 10. A renewed buying pressure will push the price toward $3,600.

An extended buying pressure will bring the horizontal $4,000 into play.

On the flip side, a rejection near the session’s high will revert back the price to the immediate support placed near $2,700.

Technical Indicators:

RSI: The daily Relative Strength Index trades strongly above the average line. The current reading at 60.

MACD: The Moving Average Convergence Divergence holds above the central line with a bullish bias. An uptick in the indicator will strengthen the upside outlook.

OBV: The On Balance Volume holds near the one-month high suggesting bulls are dominating the price action.

As of press time, ETH/USD is trading at $3,009.65, up 4.10% for the day. The second-largest cryptocurrency by market cap stands at $16,990,216,123 as per the CoinMarketCap.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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