Ethereum Price Prediction – February 9
The Ethereum price prediction needs to pull above the $3200 resistance level to deny the bears the opportunity to enter the market.
ETH/USD Market
Key Levels:
Resistance levels: $3800, $4000, $4200
Support levels: $2500, $2300, $2100
At the time of writing, ETH/USD heads to the north as all digital assets in the crypto market are posting incredible gains after what looks like a successful daily trading session. In addition, the Ethereum bullish action could be seen above the $3000 resistance level to touch the daily high of $3274 level. Meanwhile, an intraday high may form above the upper boundary of the channel.
Ethereum Price Prediction: ETH May Spike to the Upside
Due to a strong upside movement of the coin since the past few days, the Ethereum price is seen breaking above the 9-day and 21-day moving averages as the coin moves to touch the daily high of $3274 level. Looking at the daily chart, the $3000 may likely be a key support zone for the coin and if it is broken, the sell-off may be extended towards the $2800 support level.
Currently, the price of the coin is changing hands at the $3248 level and the bulls are making effort to push it above the upper boundary of the channel. In other words, any reversal below the moving averages may likely welcome the bears back into the market as the price could meet the critical supports at $2500, $2300, and $2100. More so, the technical indicator Relative Strength Index (14) is moving above 60-level which indicates the continuation of the bullish trend and further resistance could be found at $3800, $4000, and $4200 levels.
Against BTC, the daily chart shows that the Ethereum price is trading well in a slightly uptrend around 7282 SAT. Meanwhile, as soon as the price crosses above the upper boundary of the channel, there is a possibility that additional bullish movements could be achieved in the long term. The next resistance level above 7400 SAT is close to the 7600 level. If the Ethereum price keeps rising, it could even break the potential resistance level of 7700 SAT and above.
Meanwhile, if the bears return into the market now, the coin is likely to cross below the 9-day and 21-day moving averages to hit the support level of 6700 SAT and below. However, the daily outlook is still looking bullish as the Relative Strength Index (14) moves above 50-level to enhance the bullish movement.
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