ETH Price Prediction: Ethereum eyes $2,200 despite the struggle to sustain an upward movement

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  • ETH price predictions is showing Ether is hovering at the midline area of the ascending parallel channel.
  • On the 12-hour chart, Ethereum should strive to settle above the 50 SMA to trigger a new bull run.
  • If Ethereum fails to settle above the near support at $2,000, it could plunge towards the $1,800 region.

This week, Ether led other digital assets to the path of recovery after sustaining significant price dips.

ETH Price Prediction: General price overview

First, in its lifespan, Ethereum managed to record an ATH of $2,146 during this week’s trading activities. However, the milestone was brief as an almost immediate correction occurred, sending the digital asset towards the $1,931 region. Interestingly, buyers did not throw away the opportunity to take advantage of the situation. The price dip towards the $1,931 region was short-lived as Ethereum quickly recovered lost ground and moved past the $2,000 mark.

ETH is hovering around the $2,080 region at present amid the bulls’ ongoing campaign to see Ethereum hit a new milestone. In case of a price dip, Ethereum’s direct support line on the downside is fortified by the 50 SMA on the 12-hour chart. Likewise, the 50 SMA is also strengthened by the ascending parallel channel’s midline support.

Although ETH’s upward movement appears to be slow, the MACD technical indicator seems to support its uptrend. The MACD usually discloses when to wait for long or short-term on a crypto token. Whenever the MACD blue line passes above the signal line, it signifies it is an excellent season to purchase. On the other side, traders are guided to sell whenever they see the MACD blue line crossing under the signal line. At present, the MACD blue line is hovering above the signal line. If you are an investor, you might want to take advantage of the moment.

ETH price movement in the past 24 hours

ETH Price Prediction: Ethereum eyes $2,200 despite the struggle to sustain an upward movement 1
Source: TradingView

At present, there seems to be a substantial number of Ethereum tokens locked away from leading crypto exchanges. With the current $2,080 price, over 51 billion worth of ETH tokens are locked in DeFi protocols. Also, Ethereum’s ETH2 deposit contract is safeguarding over 3.8 million Ether tokens with a market worth of over $7 billion. This means over $55 billion worth of ETH tokens are out of the market.

Due to the ongoing ETH scarcity and growing buying pressure, ETH has formed an ascending broadening hammer pattern on its 24-hour chart. The ascending pattern can be derived by linking the higher lows and the higher highs with 2 trendlines. Any surge past the current ATH is sure to take Ethereum past the $2,200 mark towards $3,000 at the top of the ascending pattern.

ETH 4-hour chart

ETH Price Prediction: Ethereum eyes $2,200 despite the struggle to sustain an upward movement 2
Source: TradingView

According to ETH’s 4-hour chart, it appears there is no solid resistance above the $2,000 mark according to the IOMAP chart. The 2 solid points for the smart contract token are the regions between $2,055 and $2,067, as more than 142,000 addresses bought more than 1 million Ethereum tokens here.

Conclusion

It is worth noting that Ethereum should strive to settle above crucial support areas between $1,983 and $2,044. Here, more than 330,000 addresses purchased more than 9 million Ethereum tokens. Plunging below this region would spell doom for the bulls as such a price dip can quickly spark massive sell orders. This will indeed send ETH price towards the $1,700 area or at the lower boundary of the ascending pattern.

Source: cryptopolitan.com

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