Ethereum Price Prediction – August 20
The Ethereum price consolidates and touches $3300 as the technical indicator Relative Strength Index (14) confirms the uptrend.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3700, $3800
Support levels: $2900, $2800, $2700
Following the dip on August 18, after touching the support at $2951, ETH/USD is now back above the 9-day and 21-day moving averages, preparing to send the price above the upper boundary of the channel. However, since the position at the vital $3300 level has been reclaimed by the bulls, the daily chart reveals that the Ethereum price has been strengthening its bullish case towards $3400. Although, the resistance at $3280 has been a hard nut to crack, and ETH/USD may need to push the market price above the channel.
Ethereum Price Prediction: Ethereum (ETH) May Recover More
At the time of trading, the Ethereum price is exchanging hands at $3269 after surging only 2.69% on the day. However, the intraday high of $3300 is now the next resistance target likely to stand in the way of the recovery to $3500. Meanwhile, the technical indicator reveals that the Relative Strength Index (14) recovers above 65-level which could hint that ETH/USD is now at the edge of a bullish breakout. Therefore, the support levels of $2900, $2800, and $2700 may come to play if the price crosses below the 9-day and 21-day MAs.
Nevertheless, ETH/USD is seen penetrating towards the upper boundary of the channel. More so, the break above this barrier is another signal needed for a bullish to press higher. More so, the Ethereum (ETH) has to break above $3500 before hitting the potential resistance levels at $3600, $3700, and $3800 respectively.
Against BTC, Ethereum is trading below the 9-day and 21-day moving averages within the channel and the price is now hovering at 6693 SAT as the Relative Strength Index (14) moves to cross below 50-level. Although the bears remain the dominant of the market while the bulls may need to break above the 9-day and 21-day moving averages to take charge.
However, the resistance levels to be reached are located at 7400 SAT and above. Conversely, a lower sustainable move below the moving averages could attract the sellers to retain the current market movement back with the next focus on 6100 SAT and below.
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