Ethereum (ETH) Price Prediction: What Do Charts Say?

Recently, the Ethereum (ETH) price witnessed signs of short covering. This week, the token has rallied over 20% amid Donald Trump's victory in the US Presidential Elections.

Recently, the Ethereum (ETH) price showed signs of short covering. This week, the token has rallied over 20% amid Donald Trump’s victory in the US Presidential Elections. A falling channel breakout was noted, and the ETH price may reach the $3000 mark soon.

Amid the recent price surge of over 20%, market participants were still expecting further price rallies. This occurred as the ETH crypto price climbed above the key EMAs, and bulls gained momentum.

Further Reading: Ethereum Price to Hit $3000 Soon; Trump’s Victory Fuels ETH Bull Run

Crypto Analyst Michael Van De Poppe highlighted that the crypto market may continue the bullish heat. He expects the Federal Reserve to cut 25 basis points in the upcoming meeting this week. This may fuel further bullish traction, and the Ethereum price will quickly cross the $3000 barrier.

In addition, he mentioned ETH crypto’s recent recovery from a descending trend. That suggested a probable trend reversal if buying pressure returns to par. He added that a massive bullish divergence was formed on the daily chart, representing a trend reversal ahead.

The ETH price is testing key support levels and with a healthy macroeconomic backdrop. The token could sail further.

ETH Price At Press Time

The ETH price was trading at $2798 at press time. The token’s price noted an intraday surge of over 0.10% and witnessed flat movement over the past 24 hours. It has a total supply of 120.42 Million and boasts a market cap of $337.81 Billion.

Over the last 7 days, Ethereum’s price surged 18%. It has climbed above the 200-day EMA barrier, representing a bullish outlook.

Ethereum Price Prediction: What Do Charts Say?

Ethereum price prediction on a daily time frame represented a bullish bias. Since May 2024, lower highs and lower lows have formed. However, a trendline breakout was witnessed yesterday. That fueled bullish optimism among the market participants.

The price action indicated sellers have begun covering their short positions. It happened as the ETH crypto reflected signs of a trend reversal. The Relative Strength Index (RSI) curve reached the overbought zone, around 64 at press time. It represents a positive crossover on the charts.

Moreover, the Moving Average Convergence Divergence (MACD) indicator plotted green histogram readings. That represented the bullish outlook.

Since the beginning of this month, the ETH crypto active addresses data has noted a rise and has crossed 700k. This conveyed growing investor interest in the coin.

Data from Coinglass revealed that the Open Interest (OI) has risen over 8.69% to $16.11 Billion. A significant buildup has happened over the last 24 hours, guiding a bullish bias.

A significant short covering may trigger in case of a daily close above the $2900 mark. That would push ETH toward the $3000 mark next. The immediate support zones for ETH crypto were $2680 and $2500. At the same time, the upside hurdles were $2890 and $3000.

The above mentioned views, and opinions are for informational purposes only, and do not constitute investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.