Ethereum Price Forecast – ETH/USD Up for Premium Correction – Brace for Buying!
The ETH/USD crypto pair traded above the $1,900 resistance when Bitcoin broke its previous all-time high of $60,000 over the weekend. ETH traded as high as $1,943 before it faced bears.
As a result, there was a downside correction below the $1,920 and $1,900 regions. ETH price even dropped below the $1,880 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $1,722 swing low to $1,943 high. As of writing, ETH/USD is trading perfectly above $1,850 and the 100 hourly simple moving average. It is also holding the 50% Fib retracement level of the upward move from the $1,722 swing low to $1,943 high.
As per the latest report, Dedic, Co-founder and Managing Partner at Moonrock Capital, thinks that situations will change for the world’s second largest cryptocurrency this week. He also added that Ethereum would hit $2,500 this week. He declared this statement by Twitter two days ago, at a time when intraday prices were around $1943. The Crypto analyst and influencer Carl Martin also gave a positive vibe over Ethereum moves on Twitter. In his case, he backed his claims with technical analysis.
Downside Break in Ethereum?
At the moment, the ETH/USD pair is taking a bearish turn, falling to the $1,768 level and facing immediate support at the $1,732 level. Ethereum is likely to bounce off over the $1,732 level, and however, if the pair fails to bounce off over this level, we may see a sharp drop until the $1,651 level. On the higher side, the ETH/USD pair may find resistance at $1,876 area. The 20 and 50 periods EMA are also in support of a selling trend. Let’s keep an eye on the $1,732 level to buy over and sell below this level. Good luck!
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