Ethereum Price Prediction: ETH bulls brace for a bumpy road towards $1400
- ETH buyers contemplating the next move higher.
- $1400 remains in sight so long as 21-SMA on 4H chart holds.
- Overbought conditions on 1D chart point to a brief bullish consolidation
ETH/USD seemingly lacks a clear directional bias while trading around $1200 so far this Saturday, having staged a strong bounce from Friday’s deep correction to sub-$1100 levels.
ETH/USD: Daily chart
As observed in the daily chart, Ethereum has additional room to the upside, with eyes set on the January 14 2018 high at $1419.
However, doji candlesticks formed for the third day in a row have left the buyers unnerved. Further, the 14-day Relative Strength Index (RSI) holds in the overbought region, around 88.0, flashing caution for the bulls.
Therefore, the price could enter a period of consolidation around the current levels before the buyers gear up for re-entry. At the moment, there seems to be strong demand around the $12K mark.
Friday’s low of $1063 could be put to test if the corrective pressure mounts.
ETH/USD: Four-hour chart
Narrowing down to the four-hour chart structure, the further upside appears more compelling, as the no. 2 coin has once again managed to defend the critical 21-simple moving average (SMA), which is currently placed at $1194.
It’s worth noting that the price has not closed the candle below the 21-SMA since January 2 2021.
ETH/USD wavers within a potential rising wedge pattern. A breach of the abovementioned crucial support could expose the rising trendline support at $1139, below which Friday’s low remains in sight.
However, a run up towards the rising trendline resistance at $1348 and beyond looks likely, as the RSI points north above the midline, now standing firmer at 59.80.
ETH/USD: Additional levels to watch
ETH/USD
| OVERVIEW | |
|---|---|
| Today last price | 1223.94 |
| Today Daily Change | 11.49 |
| Today Daily Change % | 0.94 |
| Today daily open | 1217.35 |
| TRENDS | |
|---|---|
| Daily SMA20 | 813.48 |
| Daily SMA50 | 675.41 |
| Daily SMA100 | 538.71 |
| Daily SMA200 | 436.32 |
| LEVELS | |
|---|---|
| Previous Daily High | 1275 |
| Previous Daily Low | 1063.18 |
| Previous Weekly High | 1291.94 |
| Previous Weekly Low | 770 |
| Previous Monthly High | 759 |
| Previous Monthly Low | 530.32 |
| Daily Fibonacci 38.2% | 1144.1 |
| Daily Fibonacci 61.8% | 1194.08 |
| Daily Pivot Point S1 | 1095.35 |
| Daily Pivot Point S2 | 973.36 |
| Daily Pivot Point S3 | 883.53 |
| Daily Pivot Point R1 | 1307.17 |
| Daily Pivot Point R2 | 1397 |
| Daily Pivot Point R3 | 1518.99 |
