- Summary:
- Ethereum price has continued to trade below the 200-day EMA as fear remains the key emotion driving the crypto market.
Ethereum price has pulled back from Tuesday’s high as fear remains the key emotion driving the crypto market. The crypto fear & greed index has exhibited extreme fear for the second session in a row. the current reading of 24 signals a higher level of fear compared o last week’s fear level of 27.
Ethereum price prediction
After hitting an intraday high of 3,898.67 on Tuesday, ETH pulled back to a low of 3,766.78 earlier on Wednesday. It has since bounced off the intraday low to its current 3,813.04.
Ethereum price is hovering around the crucial level of 3,800. On a four-hour chart, it is trading along the 50-day EMA and slightly above the 25-day EMA. However, it is still below the long-term 200-day EMA.
In the near term, I expect the crypto to record some gains. However, fear among investors will likely curb its upward potential. From this perspective, Ethereum price may continue to find support along the 25-day EMA at 3,791.73 while experiencing resistance at 3,902.24. It will likely remain below the psychological level of 4,000 in the short term.
A move above the aforementioned level will place the next target along the 200-day EMA at 3,969.97. On the flip side, a decline past the current support level may have the bears retesting the lower levels of 3,677.66 or 3,602.80.
