Ethereum Price Prediction: Is It on the Verge of a Major Increase?

The world of cryptocurrency has been buzzing with the latest updates on Ethereum’s price movement. As one of the most popular cryptocurrencies, it has been the subject of many investors’ interest. In this post, we will discuss the latest Ethereum price prediction and whether it’s on the verge of a major increase or not.

Ethereum Price Prediction

Ethereum has been showing a bullish trend in recent days. The price has rallied above the $1,700 resistance against the US dollar, clearing the key $1,700 resistance zone to move further into a positive zone. Ethereum’s price even spiked above the $1,740 resistance and traded close to $1,800. However, there was a sharp decline below the $1,700 level, and the price tested the $1,665 support zone before bouncing back.

According to the latest technical indicators, Ethereum’s price is now trading above $1,650 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $1,690 on the hourly chart of ETH/USD. On the upside, the price is facing resistance near the $1,725 zone, with the first major resistance near the $1,740 and $1,750 levels. A close above the $1,800 resistance zone might start another major increase, with the price possibly rising towards the $1,880 resistance level.

Conclusion

Ethereum’s price movement has been a topic of interest for many investors. As the cryptocurrency continues to show a bullish trend, the possibility of a major increase is within reach. However, if Ethereum fails to clear the $1,740 resistance, it could start another decline. Traders and investors should watch out for the possible support and resistance levels discussed in this post to make informed decisions.

For more articles visit: Cryptotechnews24