Ethereum Price Prediction – August 13
The Ethereum price remains in the buy phase despite the recent price falls that hit the crypto market in the last few days.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3700, $3800
Support levels: $2600, $2500, $2400
ETH/USD continues to holding gains above the support level of $3000 as the price faces the resistance level of $3300. At the time of writing, the Ethereum price is now recovering above $3200 and the 9-day and 21-day moving averages. Meanwhile, the second-largest crypto could start another decline unless it surpasses and stays above the main $3200 resistance zone.
Ethereum Price Prediction: Would Ethereum Hold Above $3200?
According to the daily chart, the Ethereum price is currently hovering at the resistance level of $3248 and the initial support is created below the 9-day moving average at $3000. Once the coin eliminated this level, the sell-off may begin with the next focus on the $2800 level. Therefore, if this support level drops, the downward momentum could begin to snowball, and the next closest supports may be located at $2600, $2500, and $2400.
Moreover, as the daily chart reveals, bulls must realize the need to cross above the upper boundary of the channel before they can get to the potential resistance levels. Above this handle, traders may need to consider a sustained move for the extended recovery to the resistance levels at $3600, $3700, and $3800. Meanwhile, the technical indicator, the Relative Strength Index (14) moves into the overbought region, which may give more bullish signals and this could only be possible if the 9-day MA remains above the 21-day MA.
When compares with BTC, buyers are making effort to step back into the market as the coin is showing some promising signs. On the upside, if the price remains above the 9-day and 21-day moving averages, the nearest resistance level could be located at 0.076 BTC and above.
However, when looking from the downside, the nearest support level is below the 9-day moving average at 0.065 BTC. Therefore, any further bearish movement beneath this may reach another support at 0.063 BTC. If the price drops further to create another low, lower support is located at 0.062 BTC and below. The Relative Strength Index (14) continues to move above the 60-level which indicates that the bulls are still in charge.
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