The Ethereum price prediction reveals that ETH faces the key support as the market price follows the downward movement.
Ethereum Prediction Statistics Data:
- Ethereum price now – $1775
- Ethereum market cap – $216.6 billion
- Ethereum circulating supply – 121.0 million
- Ethereum total supply – 121.0 million
- Ethereum Coinmarketcap ranking – #2
Resistance levels: $2400, $2600, $2800
Support levels: $1200, $1000, $800
As the market opens today, after touching the resistance level of $1842, ETH/USD drops with a bearish bias. The coin opens at $1832, and it is currently dropping towards the support level of $1700 below the 9-day and 21-day moving averages. According to the daily chart, it is likely for the coin to face more sellers below the lower boundary of the channel.
Ethereum Price Prediction: Ethereum Price May Face the South
At the time of writing, the Ethereum price is breaking to the downside, and it is likely to break down heavily to gain more downtrends. However, ETH/USD prepares to cross below the lower boundary of the channel as the bears are putting more pressure. Therefore, should it slide below the channel, the critical support levels of $1200, $1000, and $800 may be tested as the technical indicator Relative Strength Index (14) moves below the 40-level.
Meanwhile, ETH/USD could either recover above the 9-day moving average or extend its decline towards the support level of $1500. On the upside, the next major resistance is near the $2000 level. Meanwhile, the price needs to climb above the 21-day moving average to hit the resistance levels of $2400, $2600, and $2800. If not, there is a risk of more downsides below the channel.
When compared with Bitcoin, the daily chart reveals that the Ethereum price is hovering below the 9-day and 21-day moving averages. If the price begins a bullish movement, there is a possibility that the coin may face the north. The next resistance key may be located at the 6500 SAT level. If the price rises, it could even break the 6600 SAT and above.
However, if the bears bring the price below the lower boundary of the channel, 5500 SAT support may play out. Any further bearish movement could roll the coin to the critical support at 5400 SAT and below. The Relative Strength Index (14) is likely to cross into the oversold region, suggesting bearish signals.
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