Ethereum Price Prediction – February 24
The Ethereum price prediction is getting ready to trade above the resistance level of $2800 as the market moves sideways.
ETH/USD Market
Key Levels:
Resistance levels: $3300, $3500, $3700
Support levels: $1800, $1600, $1400
ETH/USD is currently ranging around $2639, and it is likely to climb above the resistance level of $2800 soon. Ethereum has been trading bullishly for the past few hours and the coin is now struggling to cross above the 9-day and 21-day moving averages. According to the daily chart, the Ethereum price is getting ready for the upside as the red-line of the 9-day moving average may cross above the green-line of the 21-day moving average.
Ethereum Price Prediction: Ethereum (ETH) Ready for the Upside?
If the Ethereum price break and remain above the 9-day and 21-day moving averages; it could hit the $3000 resistance. However, a successful break above this level could open the doors for a significant increase above the $3200 level. In the mentioned case, the coin is likely to hit the potential resistance levels of $3300, $3500, and $3700 in the coming sessions.
Moreover, as the technical indicator Relative Strength Index (14) moves to cross above 40-level, the nearest support is located below $2400 level. If there is a bearish break below this support, ETH/USD could test another support on its way to the lower boundary of the channel. The next major support is near the $2000 level, where the bulls are likely to take a strong stand, but any further losses could lead the price towards the support levels of $1800, $1600, and $1400.
When compared with Bitcoin, the Ethereum price is moving bearishly as the coin trades around 6863 SAT. Therefore, as long as the price stay under the 9-day and 21-day moving averages, there is a possibility that additional supports may be created in the long term. However, the next support level below the current price is close to the 6500 SAT. More so, if the price keeps falling, it could hit the critical support at 6300 SAT and below.
On the contrary, if the bulls resume back, the resistance level of 7300 SAT may play out before rising to the potential resistance level of 7500 and above. However, the daily outlook is still looking bearish as the technical indicator Relative Strength index (14) may cross below 40-level, which suggests downward movement for the market.
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