Ethereum Price Prediction: ETH to surpass the intraday highs of $3037

TL;DR Breakdown

• Ethereum price prediction is slightly bullish today.
• ETH/USD is trading in a tight range.
• A pullback to $3100 remains possible after a move above $3000.

Ethereum price prediction: General price overview

Ethereum, the no. 2 most widely traded digital asset, has fallen for the second consecutive day, consolidating Friday’s sizable losses.

Flicking a coin upwards from the weekly chart reveals that it has been a rough ride for the altcoin since May 22. ETH/USD has lost 11 percent value in five days and is currently eyeing support at $2400. On the upside, a break above the descending trendline could indicate a significant move ahead.

The 100 SMA is below the 200 SMA on the 4-hour chart, so the path of least resistance is to the downside. The ETH/USD pair will have to break below $2400 for more bearish pressure to build up. However, the 100 SMA holds as dynamic support and the 200 SMA, respectively, at $2380 and $2350.

RSI is pointing down, so short-term momentum is in favor of the bears. A break above $2800 could also mean a climb towards the swing high of around $3037. On the other hand, if the pair drops below $2900, a move towards $2100 is on the cards.

Ethereum is fluctuating in a tight range, staying close to daily troughs, and it remains in the woods for now. Though the price of ETH has not yet been entirely out of the woods, the cryptocurrency market appears to be shifting its focus on negative news cycles.

Meanwhile, the 200-SMA is providing support to bulls at $2734. However, with the Relative Strength Index (RSI) still below the midline and a bear cross in action, the path of least resistance appears to be downward.

The 21-SMA moved below the 100-SMA from above, confirming a bear cross on Thursday.

Following the decline through the 200-SMA, a test of the horizontal trendline support at $2721 cannot be discounted. The $2100 round number would be on the sellers’ radars next.

On the other hand, immediate resistance is at the 21-SMA, above which the horizontal 100-SMA will be tested at $3305.

The STEEP market will find new entries above the latter to reach the downward-pointing 50-SMA at $3418.

Ethereum four-hour price prediction: Bulls try for a move higher

On the four-hour chart, the green candlesticks are still below the 21 simple moving average but are flattening out with the 100 SMA above it.

Source: TradingView

On the other hand, RSI is on its way up while holding below 60, indicating that upward momentum is building up in ETH/USD.

A pullback to $3037 remains possible before another move south follows or a breakout to the upside.

Ethereum Price prediction: Conclusion

A pullback to $3000 remains possible after a move above $2900. Buyers seem to have prepared to push Ether’s price past the highs of the day.

Also, read Bitcoin and Chainlink price predictions.