As Ethereum (ETH) battles to hold support above $1,800, crypto traders and investors are carefully watching for any indicators suggesting that boosted growth is in the cards for the market’s second-largest asset by market cap.
Based on the current market analysis, the recent closing prices at key levels may influence the price of ETH’s future performance. Specifically, the level of support at $1,671 serves as a crucial level of market interest, as it signifies the price point at which the demand for the asset has previously been strong enough to prevent it from falling further. If the price of ETH stays above this level, it could indicate that the demand for the asset is still strong, leading to a potential upward price trend.
On the other hand, the resistance level of $1,911 may be a significant challenge for ETH, as it represents a price level at which the asset has struggled to surpass in the past. If the price fails to break through this level, it could indicate a potential reversal in the asset’s upward trend and may lead to a downward price trend.
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Thus, Finbold has consulted the machine learning algorithms at the crypto tracking platform PricePredictions. As it happens, the algorithms using artificial intelligence (AI) technology predict that Ethereum will be trading hands at $1,823 on April 30, 2023, according to the latest data retrieved on April 3.
Specifically, this estimation relies on technical analysis (TA) indicators, such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), average true range (ATR), and others.
ETH price analysis
As things stand, Ethereum is trading at $1,806, recording a decrease of 0.92% on the day, but a gain of 2.94% across the previous week, adding up to a total market cap of $217.4 billion.
At the same time, the Ethereum sentiment on the one-day gauges at the finance and crypto monitoring website TradingView is bullish. Namely, its summary suggests a ‘buy’ at 15, resulting from oscillators pointing at a ‘buy’ at two and moving averages in the ‘strong buy’ zone at 13.
Ethereum on-chain and technical indications point to a bullish argument for the price of ETH in the short to medium term. Despite a multitude of unfavorable developments, including the failure of FTX, hikes in interest rates, and more stringent restrictions in the United States, the price of Ethereum has more than doubled since reaching a low point in June, when it was about $880.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
