Can Ethereum reach $2,820 this week?


Ethereum (ETH) has seen a significant rise, gaining over 3% in the past 24 hours. The price jump brings ETH to $2,493, after an intraday low of $2,411.11 and a high of $2,511.43. This surge has occurred despite weekly outflows of $30.69 million from Ethereum ETFs.


As of today, Ethereum’s market cap is sitting at $300.34 billion. Meanwhile, whale activity over the weekend has sparked contrasting speculations among investors. Whale Alert data shows large ETH dumps to exchanges, creating uncertainty in the market.

Before diving into the Ethereum price forecast, check out Solana price predictions to discover what's next for this popular altcoin.

Ethereum Retests Critical Resistance

Ethereum is retesting a crucial daily resistance level around $2,461. This level is important for several reasons:

  • It lines up with the 50% price retracement level at $2,487.
  • It coincides with the 50-day Exponential Moving Average (EMA) around $2,557.

These technical factors combine to create a key resistance zone, which will determine ETH’s next price move.

What If Ethereum Breaks Resistance?

If Ethereum manages to break above $2,557 and close higher, it could extend its gains and potentially test the August 25 high of $2,820. A breakout at this level would likely trigger more buying interest, pushing ETH further upward.

The Role of RSI

The Relative Strength Index (RSI) is approaching its neutral level of 50, which signals indecision among traders. For Ethereum’s rise to be sustained, the RSI needs to break above this level. If it does, it would indicate growing bullish momentum.

Possible Downside: What If ETH Fails?

On the downside, if Ethereum fails to break the resistance around $2,461, it could face a pullback. In this scenario, the coin might retest its September 6 low of $2,155. A drop to this level could lead to short-term bearish sentiment among investors.

What’s Next For Ethereum?

Ethereum is at a critical point, and its next move will depend on how it reacts to the current resistance levels. A breakout could push it toward the $2,820 mark, while failure to break higher could result in a downward trend.

With ongoing whale activity and ETF outflows impacting the market, the next few days will be crucial for Ethereum’s price action. Traders should keep a close eye on the $2,557 resistance level to see where ETH might head next. For a more detailed ETH price prediction, this resistance zone will be a key factor in determining short-term market movements.

Comments

Post a Comment

Popular posts from this blog

Will ETH rally continue past $2,600 support?

Image
Ethereum has been showing some significant movement in recent weeks. Let’s break down the latest trends and  ETH price predictions  in simple points for easy understanding. 1.  Current Price Movement and Key Levels Ethereum is trading around its 50-day Exponential Moving Average (EMA) at  $2,601 . On September 19, ETH broke above a descending trendline, leading to an  11% rally . If the  50-day EMA  holds support, ETH could continue its rally and retest the  August 24 high of $2,820 . However, if the price falls below  $2,601 , it may drop further to  $2,461  and potentially retest the  September 6 low of $2,152 . 2.  RSI Signals: What Does It Say? The  Relative Strength Index (RSI) , currently near  55 , indicates weak bullish momentum. For the rally to gain traction, the RSI needs to rise above  60 , signaling stronger buying power from investors. If RSI remains below 55, the market could continue to see limited upward movement. 3.  Ethereum Holders’ Profitability: A Positive Sign Th
Read more

Is Pepe set for a massive breakout?

Image
In less than 24 hours, something big is expected to shake the entire cryptocurrency market, and Pepecoin  could be at the center of this storm. We’re going to break down the key factors driving this potential shift, from interest rate cuts to major players like Bitcoin and Binance. Let’s dive in. 1. FOMC Meeting: The Calm Before the Storm The crypto market seems quiet right now, but it's likely the calm before the storm. The Federal Open Market Committee (FOMC) is about to announce a key decision on interest rates, and this could rock the market. This will be the first possible rate cut since March 2022. Predictions are all over the place. Some think it could be a 25 or 50 basis point cut, while others speculate no change at all. Historically, lower rates drive up asset prices, including Bitcoin, which could mean a rally in altcoins like Pepe. 2. Impact on Pepe and Bitcoin The interest rate decision will have a ripple effect on the broader market, especially on Bitcoin, which tend
Read more