- Summary:
- Ethereum price is holding steady above the support zone of $4,000. The bulls are eyeing a new record high in the ensuing sessions.
Ethereum price has extended its previous gains as movements in the crypto market exhibit extreme greed. The crypto fear & greed index is at an extreme greed level of 76, which is higher than the prior session’s greed of 72. The figure is also higher than the previous week’s greed level of 75 and last month’s fear of 27.
Ethereum price prediction
ETH has bounced off the support zone of 4,000 after hovering around it since mid-last week. A few sessions ago, the bulls’ efforts to retest its all-time high (ATH) of 4,399.18 were unsuccessful. Based on Ethereum price movements in the new week, bulls are on another attempt to hit the record-high set in mid-May.
At the time of writing, the leading altcoin was down by 0.49% at 4,200. On a three-hour chart, it is trading above the 25 and 50-day exponential moving averages. Besides, the formation of an ascending trendline points to further gains in the ensuing sessions.
In the near term, I expect it to find support along the 25-day EMA at 4,128.39. Even with a further pullback, the psychological level of 4,000 will likely remain a steady support zone.
On the upside, a move above the current resistance level of 4,250 will have the bulls retesting the crypto’s all-time high. Past that zone, Ethereum price will be in good shape to hit a new record high of 4,500.
