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Ethereum Price Prediction: ETH/USD Nearly Hits $3200 Level

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Ethereum Price Prediction
Ethereum Price Prediction

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Ethereum Price Prediction – August 9

The Ethereum price prediction shows that ETH is moving higher and above the main barrier of $3000 as the coin stays higher.

ETH/USD Market

Key Levels:

Resistance levels: $3600, $3800, $4000

Support levels: $2500, $2300, $2100

Ethereum Price Prediction
ETHUSD – Daily Chart

ETH/USD continues to keep the bullish movement as the coin is seen breaking the higher highs making a gain of almost 2.91% as the coin touches the daily high of $3190. However, the second-largest crypto is managing to keep its price above the 9-day and 21-day moving averages while the traders expect Ethereum to prepare itself steadily for a ride towards $4000.

Ethereum Price Prediction: ETH Price May Rally Further

As reveals by the daily chart, the Ethereum price has changed from $2892 to $3190 and at the same time moving to break the upper boundary of the channel. However, the ongoing trend may move a little bit higher in the next positive direction if the 9-day moving average stays above the 21-day moving average and the coin may reach the nearest resistance at $3500, therefore, any further bullish movement could hit additional resistance levels at $3600, $3800, and $4000 respectively.

However, a bearish drop may drag the market back below the 9-day MA and also to the initial support level of $2800. Meanwhile, the support levels are located at $2500, $2300, and $2100. As the trading volume increases, the technical indicator Relative Strength Index (14) stays within the overbought region which indicates that more bullish signals may come to play.

When compares with Bitcoin, Ethereum is currently trading below the 9-day moving average as the price is changing hands at 6775 SAT. The technical indicator Relative Strength Index (14) is moving to cross below 50-level as the coin continues to retreat after touching the daily high of 6910 SAT.

ETHBTC – Daily Chart

On the contrary, the critical support levels are located at 6200 SAT and below. More so, a higher sustainable move may likely attract new buyers to the market with the next resistance level above the upper boundary of the channel which could cause the market price to hit the resistance level of 7600 SAT and above.

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