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The Ethereum price is getting ready to cross above the upper boundary of the channel after a rapid retracement.
Ethereum Prediction Statistics Data:
- Ethereum price now – $1704
- Ethereum market cap – $207.8 billion
- Ethereum circulating supply – 122.1 million
- Ethereum total supply – 122.1 million
- Ethereum Coinmarketcap ranking – #2
ETH/USD Market
Key Levels:
Resistance levels: $2100, $2300, $2500
Support levels: $1300, $1100, $900
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ETH/USD is currently recovering above the opening price of $1656 and it is likely to climb above $1800 soon. Meanwhile, the Ethereum price is now trading above the 9-day moving average as bulls may begin to dominate the market.
Ethereum Price Could Reach $2000 as Tamadoge Increases
The Ethereum price may cross above the 9-day and 21-day moving averages. If ETH/USD breaks toward the upper boundary of the channel, it could visit an important resistance at $1800. However, a successful break above this level could open another increase above the $2000 level. The price is likely to rise towards the $2100, $2300, and $2500 resistance levels in the next positive direction.
As the technical indicator Relative Strength Index (14) moves to cross above the 50-level, meaning that the market may soon break to the upside but breaking below this level may cause the coin to cross below the 9-day moving average, and should this come to focus, ETH/USD could touch the $1500 support. The next major support is below the lower boundary of the channel, where the bulls are likely to take a strong stand but any further losses could lead the price towards the $1300, $1100, and $900 support levels.
When compares with Bitcoin, the Ethereum price is now moving above the 9-day and 21-day moving averages as the market keeps changing trends; heading to the upper boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is revealed to cross above the 60-level, a bullish movement confirmation.
However, if the price breaks above the upper boundary of the channel, bulls might push the market back to the resistance level of 8000 SAT. Moreover, if the price stays above this barrier, traders may expect an immediate resistance at 9000 SAT and above. On the other hand, crossing below the 9-day and 21-day moving averages may locate the support level at 7000 SAT and below.
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