Ethereum (ETH) Price Begins Recovery, but Will It See $2,000 This Month?

The Ethereum (ETH) price created a bullish candlestick yesterday and could soon attempt breaking out above $1,650.

There was both negative and positive news for Ethereum this week. A report by DappRadar shows that the Ethereum network non-fungible token (NFT) market cap fell by 60% in 2022.

Ethereum’s founder Vitalik Buterin sent $150,000 in ETH to victims in Turkey and Syria. ETH, which is the native token of the Ethereum blockchain, price decreased considerably after whales sold 350,000 ETH tokens.

Ethereum Price Approaches Crucial Level

Since breaking out from a descending resistance line on January 11, the price of Ethereum has risen rapidly. The rise resulted in a high of $1,715 on Feb. 2. However, the ETH token price formed a shooting star candlestick (red icon), validating the $1,650 level as resistance. This is a critical resistance area because it is created by the 0.618 Fib retracement level as well as a horizontal resistance area. 

The entire decrease was preceded by a bearish divergence in the daily RSI. Now, the indicator is at 50, a sign of a neutral trend. However, the price action over the last two days has been bullish. The ETH price created a bullish engulfing candlestick on Feb. 14, following a long lower wick the day before. 

Therefore, the price may make another attempt at breaking out above $1,650. If successful, it could increase to $2,000. 

On the other hand, if the movement loses momentum, the next closest support would be at $1,320.

ETH/USD Daily Chart. Source: TradingView

Ethereum Price Gives Short-Term Bullish Signs

The four-hour chart provides two bullish signs. 

Firstly, the price broke out from a descending resistance line. Secondly, the RSI generated bullish divergence. If the price breaks out above the current resistance at $1,560, it could increase toward the long-term resistance at $1,650. 

On the other hand, if it breaks down below the descending resistance line, Ethereum could fall toward the $1,320 level.

ETH/USD Four-Hour Chart. Source: TradingView

To conclude, the most likely ETH price forecast is an attempt at breaking out above $1,650. If successful, this could lead to an increase toward $2,000. On the other hand, if the ETH price breaks down below $1,450, it could fall to $1,320.

For BeInCrypto’s latest crypto market analysis, click here.


BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)

Related Posts

Dogecoin (DOGE) Signals Imminent Price Resurgence, Is It Time to Buy the Dip?

Dogecoin has made a 17% recovery after testing November 2022 lows.
DOGE social sentiment is currently pessimistic. 
DOGE could soon flip $0.10

Bookmark (0)

Fed Increases Interest Rates by 25 Basis Points, Suggests Rate Hike Pause Likely

U.S. Federal Reserve Chair Jerome Powell said that the bank had decided to increase interest rates by another 0.25%.
Powell said the collapse of several banks has driven a more cautious approach, with a rate hike pause imminent.
U.S. Treasury Secretary Janet Yellen’s speech after the Fed announcement saw Bitcoin fall below $27,500.

Bookmark (0)

Shiba Inu (SHIB) Long-Term Holders Are Selling, Is a Further Price Downswing Expected? 

SHIB moved sideways in reference to its price a week ago. 
Shiba Inu long-term holders are selling.
Shiba Inu network growth is in a steep decline.

Bookmark (0)

Why is Cardano price up today?

Cardano whales are largely behind ADA’s price rally in the last week, helped by Bitcoin’s multimonth highs amid the banking crisis and Fed pivot hopes.

Bookmark (0)

Breaking SEC Sues Justin Sun for Unregistered Securities Offerings

The U.S. SEC has sued Justin Sun for offering BTT and TRX as unregistered securities.
Celebrities Austin Mahone and DeAndre Way have also been sued for promoting the tokens with disclosure.
The SEC seeks to prevent Sun from engaging in future crypto asset offerings.

Bookmark (0)

Price analysis 3/22: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

Technical charts are beginning to suggest that BTC is at the end of its bear market cycle, and traders believe this could yield positive results for most altcoins.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *