- Summary:
- Ethereum price has eased after surging by over 10% from the week's low. Nonetheless, it will likely remain under pressure in the short term.
Ethereum price has eased after rebounding by over 10% off the week’s low. The trend observed in the leading altcoin is comparable to that of other cryptocurrencies. For instance, Bitcoin is currently at $43,741.23 after hitting a one-week high of $44,438.84 on Wednesday. Other altcoins such as Ripple and Solana are on a similar trajectory.
Ethereum price prediction
ETH has pulled back in early Thursday trading after being on a rebound for three consecutive sessions. Since hitting its two-and-a-half months low of 2,931.83 on Monday, the altcoin has risen by 13.64%. As at 0300 GMT, it was down by 0.98% at 3,340.50.
On a four-hour chart, Ethereum price is trading above the 25 and 50-day exponential moving averages. However, it is still below the long-term 200-day EMA.
While the crypto will likely record further gains in the short term, I expect it to remain under pressure for as long as it is still trading below the 200-day EMA. From this perspective, the range between the 25-day EMA at 3,249.05 and the resistance level of 3,455.24 will be one to look out for.
A pullback past the range’s lower border will likely have the bulls defend the support around 3,100. On the flip side, if the bulls gather enough momentum to break the resistance at 3,455.24, the next target will be at 3,600. Nonetheless, en route to the aforementioned zone, Ethereum price may be subject to resistance at 3,550.40.
