ETHUSD Chart Analysis Source: Tradingview.com<\/figcaption><\/figure>\nThe Ethereum price indicates an uptrend to trade within a rising channel as it moves to cross the upper boundary of the channel.<\/span><\/p>\nThe ETH price formed a double bottom, with $2,169 being the major support. This has allowed the bulls to take control, driving the price on an upward trajectory.<\/span><\/p>\nETH is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), which affirms the current bullish rally. Additionally, the 50-day SMA trades above the 200-day SMA, creating a golden cross at $2,400, which signals a continuation of the bullish momentum.<\/span><\/p>\nThe Relative Strength Index (RSI) is trading above the 70-overbought region at 71, showing intense buying pressure.<\/span><\/p>\n<\/p>\n
Moreover, the Moving Average Convergence Divergence (MACD) indicator reveals that the MACD line (blue) is trading above the signal line (orange), showing a bullish crossover. This suggests a chance for more entry points, probably rallying the price even higher.<\/span><\/p>\nThe green bars also seem to be rebounding above the zero line, indicating positive momentum. In addition, the Average Directional Index (ADX) stands at 31, showing a strong trend as the indicator moves north. This could signal the start of a stronger bullish trend.<\/span><\/p>\nEthereum Price Prediction<\/span><\/h2>\nThe current analysis of Ethereum’s price indicates signs of bullish momentum, with bulls looking to sustain this momentum within the ascending channel. They are also aiming to break out, breaching the closest resistance at $3,000.<\/span><\/p>\nHowever, a downside scenario might allow the bears to influence a price retrace toward the support zones at $2,721, coinciding with the 50-day SMA.<\/span><\/p>\nAs the bulls aim for a continued rally for the ETH price, many investors are turning to new meme coin Sponge V2 as analysts predict a repeat of its 100X gains on launch last year.<\/span><\/p>\n