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Ethereum Price Prediction: ETH/USD Price May Head For $4200

ETH/USD Market
Key Levels:

Resistance levels: $4500, $4700, $4900

Support levels: $3600, $3400, $3200

ETH/USD is seen moving towards the 9-day moving average after touching the daily low of $3950 to trade above $4200 while currently trades at $4118 with a bullish crossover and trend in the intraday. At the time of writing, ETH/USD is likely to cross above the 9-day and 21-day moving averages. However, higher support at $3800 is expected to be a stepping stone for a comeback past $4000 and the majestic rally eyeing a $4200 resistance level.

Looking ahead, if the Ethereum price continue to grind higher, the first resistance level may be located at $4200 as this could also be followed by $4400. However, additional resistance may be found at $4500, $4700, and $4900 respectively. On the other side, if the Ethereum price stays below the moving averages, it could hit the first support level at $4000.

However, staying below the moving averages may lead to the critical support levels at $3600, $3400, and $3200. Meanwhile, the technical indicator Relative Strength Index (14) moves around 45-level, which indicates the buyers are attempting to gain control of the market movement and this, could also mean that another bullish signal could be pushing above $4200 soon.

When compares with Bitcoin, the daily chart shows that the 9-day moving average is above the 21-day moving average. However, in as much the price remains above the moving averages, there is a possibility that additional benefits could be obtained in the long term. Therefore, the next resistance key above this barrier is close to the 7600 SAT level. If the price keeps rising, it could even break the 7900 SAT and above.

However, if the bears regroup and move below the moving averages, the support level of 7200 SAT may play out before rolling to the critical support at 7100 SAT and below. The Relative Strength Index (14) is moving below 60-level, which indicates sideways movement.


Reference by: Investing.com

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