As the crypto sector becomes more intense, many are asking themselves if ETH can retain its bullish run. The newest excitement involves a new token with 100x potential that has investors focusing again on Ethereum. Could this token's success fuel Ethereum's next big price surge? Can the newest Ethereum price prediction impact the wider market?
The latest Ethereum price prediction has been interesting. The Ethereum price pulled back nearly 14% after reaching a rejection point around its descending trendline on February 1. This drove ETH below the $3,000 threshold, which many view as a psychological barrier. Ethereum lost another 9% in the last week, but it has recovered somewhat from about 1.3% this week. The price is just below $2,730 as of right now.
As seen from the Ethereum price prediction, a further recovery is likely if ETH keeps its uptrend. If the cryptocurrency rebounds, it might test the $3,000 level again, which is an enormous mark for bulls watching carefully. Indicators like the Relative Strength Index (RSI) show some Strength. The RSI, which evaluates how overbought or oversold an item is, jumped off the oversold area of 30 last week to sit at 41. Still not above the neutral level of 50, a move past this level may provide the bullish impetus Ethereum needs to break higher.
The moving Average Convergence Divergence (MACD) indicator also gave positive signals for Ethereum price prediction, recently exhibiting a bullish crossover. This indicates that ETH is likely heading way up. If the MACD and RSI stay in bullish territory, this might be an indication of Ethereum regaining.
However, the Ethereum price prediction will be more bearish if it doesn't keep over $2,690 and drops under $2,359. Then, ETH might target its next support level of $1,905. It appears obvious that the next few days will decide if Ethereum can actually recover or even continue its slide back down.
At this time, the Ethereum price prediction implies that a rebound is possible if Ethereum keeps its bullish momentum and recovers major support levels. Over the following weeks, traders and investors will watch for any indication of weakness or strength.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.