Ethereum Price Prediction: Can ETH Price Break Past $2,000 Soon?

• Ethereum price prediction shows that the market consolidates between $2000 and $1700.
• ETH price jumped 56.56% in a year.
• Ethereum remains bullish above $17000.

Ethereum (ETH) price prediction highlights the bullish trend of the market, which started recovering from its swing low in November 2022. ETH has been rising steadily since, delivering a growth rate of 70% so far. The price bounces off a support trendline as it moves up. ETH jumped to its resistance of $2000 which was followed by a correction.

At the time of writing, the current market price of ETH is $1857.27. The 24-hour trading volume surged by 45.94%. The market is down by 3.70% in the last 24 hours. The overall market cap of ETH tokens is $223,070,851,421.

Can Ethereum Continue to Recover?

Ethereum’s price prediction uncovers the reason behind the rising prices. The market saw a correction from the resistance of $2000, where the price fell to its support of $1700. The price took a bounce from there and has seen a recovery of 14% since. The market formed a falling wedge during the correction phase.

ETH started moving up after breaking out of the pattern. The market is trading above the 200 EMA, which is a bullish signal. However, the 9 and 15 EMAs have turned flat, suggesting a sideways condition. The breakout is missing significant volume, which may raise a few concerns.

The falling wedge can be identified as a bull flag pattern, which is common in a strong uptrend. According to this, the price target is $2,380. ETH will have a better chance of reaching this target only if the bulls manage to break the important resistance of $2000.

The Price is Lacking Momentum

Analyzing the 4-hour chart reveals that the market is missing strong momentum. The volume lacks the buyer’s interest. ETH is frequently taking support from the 200 EMA, which has become flat, which means that the market is consolidating. If the candle closes below the 200 EMA, chances may increase for the price to fall below the support of $1700. The prices have flipped the 9 and 15 EMAs to the downside, highlighting the presence of bears.

RSI

The RSI indicator is currently at 33.95 on the 4-hour. The price is in bearish territory and the market is weak. The prices are expected to move down until RSI crosses 50.

MACD

MACD made a bearish crossover. The MACD and signal line has crossed the 0 line. This means the bears are gaining momentum which may drag the prices down.

200 EMA

On the 4-hour chart, the price is trading very close to the 200 EMA. The 200 EMA is flat. These two factors represent a scenario of a sideways market, where the prices move in a range with less momentum.

Conclusion

Ethereum price prediction highlights the bullish trend of the market, which started recovering from its swing low in November 2022. ETH is slowing down and getting a consolidation between the support and resistance of $2000 and $17000. A clear trend may get established if the price breaks either of the levels. Investors may watch these levels carefully and wait for a breakout or breakdown to plan their investments accordingly.

Technical Levels

• The nearest support: $1700
• The nearest resistance: $2000       

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.