{"id":429744,"date":"2023-08-14T14:37:02","date_gmt":"2023-08-14T14:37:02","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=429744"},"modified":"2023-08-14T14:37:02","modified_gmt":"2023-08-14T14:37:02","slug":"ethereum-price-prediction-eth-poised-for-50-climb","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-eth-poised-for-50-climb","title":{"rendered":"Ethereum Price Prediction: ETH Poised for 50% Climb?"},"content":{"rendered":"

The Ethereum marketplace situation is uncertain as the token trades between bullish and bearish lines. Investors may be concerned with ETH<\/a> dips at some point. <\/span><\/p>\n

Notably, Ethereum is still far from its highs of mid-July, where it traded within the $2,000 mark. <\/span>But according to its price action, there’s progress in the recovery battle. Hence, à possible 50% climb could be expected in the short or long term.<\/span><\/p>\n

ETH Price Action<\/h2>\n

Today, Ethereum’s price has mostly stayed the same. As of 7:26 am EST, it’s at $1,846, representing a drop of 0.1% on the last day. <\/span>Over the past week, Ethereum’s price has increased by 1%. However, it’s <\/span>down by 5%<\/span><\/a> in the previous month.<\/span><\/p>\n

Even though the market has disappointed recently, Ethereum has stayed above the $1,800 support level. <\/span>This suggests that it won’t drop significantly more from here. Meanwhile, the daily chart reveals more information on the asset’s potential move.<\/span><\/p>\n

ETH\/USD Daily Chart<\/h3>\n

Ethereum’s recent performance remains uncertain and inconsistent. The altcoin has not experienced significant declines in the past few weeks but has not shown substantial signs of a strong recovery.<\/span><\/p>\n

\"Ethereum\"<\/p>\n

According to the chart, ETH\/USDT pair is trading above its 200-Day <\/span>Simple Moving Average<\/span><\/a> (SMA), indicating a relatively positive trend. <\/span><\/p>\n

As it approaches the 50-day SMA, a potential short-term uptrend might be on the horizon. The crossover of these two SMAs could signal increased bullish momentum, potentially driving the price higher. <\/span><\/p>\n

Traders and investors are likely monitoring this development closely, seeking confirmation of a sustained upward movement. <\/span>A break out of the 50-Day SMA, the ETH\/USDT market may target the potential resistance level at $2,139.75.<\/span><\/p>\n

However, if the bulls fail to sustain the momentum and the price drop below the SMA indicator, the market will likely target the $1,636 support zone. <\/span>The Moving Average Convergence Divergence positioned above the signal line suggests a bullish momentum in Ethereum’s price movement. <\/span><\/p>\n

The positive MACD implies that upward pressure could persist in the near term. <\/span>However, the <\/span>Relative Strength Index<\/span><\/a> (RSI) at 48 indicates a relatively balanced situation between buying and selling pressures, potentially preventing an extreme price surge or drop.<\/span><\/p>\n

Considering these indicators, it’s plausible to expect Ethereum’s price to continue its moderate upward trajectory, possibly encountering minor fluctuations due to the RSI’s middle-ground reading. <\/span><\/p>\n

Traders should remain vigilant and assess how the RSI develops alongside price movements to gauge whether the bullish trend will consolidate or face resistance.<\/span><\/p>\n

Meanwhile, as always, the cryptocurrency market is highly volatile, so traders are advised to consider other analyzing tools before deciding.<\/span><\/p>\n

Factors That Might Trigger ETH Rally<\/h3>\n

The belief in Ethereum’s potential for a significant price rally is valid. However, it’s important to note that prominent investors’ current behavior raises concerns. <\/span>Despite the potential for an upswing, more prominent investors favor selling over buying the altcoin.<\/span><\/p>\n

This sentiment is highlighted by recent <\/span>alerts from Whale Alerts<\/span>, which track significant transactions involving substantial amounts of ETH. <\/span><\/p>\n

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🚨 🚨 19,109 #ETH<\/a> (35,336,854 USD) transferred from unknown wallet to #Coinbase<\/a>https:\/\/t.co\/BVyXp1Y8U3<\/a><\/p>\n

— Whale Alert (@whale_alert) August 14, 2023<\/a><\/p><\/blockquote>\n