Ethereum Price Prediction – August 8
The Ethereum steady bullish action is breaking towards the upper boundary of the channel as eyes are currently glued on $3200.
Resistance levels: $3500, $3600, $3700
Support levels: $2800, $2700, $2600
ETH/USD is seen refreshing to a new high after touching the daily low of $3075 to breaches above $3100 as the coin currently trades at $3164 with a bullish crossover and trend in the intraday. Today, the number two crypto continues to trade above 9-day and 21-day moving averages but the higher support is expected at the $1900 level.
Ethereum Price Prediction: Ethereum Price May Explode
For Ethereum price, parallel trade can only take over if the $3200 subsidy is maintained at all costs. Currently, the technical indicator Relative Strength Index (14) is moving within the channel at the moment by sending bullish signals which can finally encourage more buyers to enter the market.
Meanwhile, in as much as the 9-day MA remains above the 21-day MA, the coin may continue to do well and the price could hit the resistance levels at $3500, $3600, and $3700 respectively. More so, if the technical indicator decides to make a quick turn back to the lower side, there may be a quick bearish drop which may likely roll the market down to the support levels of $2800, $2700, and $2600.
When compares with Bitcoin, Ethereum is trading around the upper boundary of the channel as the price makes a retreat below the opening price of 7086 SAT. However, for the fact that the market remains in the descending channel, the pair seems to be moving to cross above the upper boundary of the channel.
Moreover, if the buyers push the market price above the channel, ETH/BTC may likely touch the resistance level of 7600 SAT and above. On the contrary, higher selling pressure may likely cancel the bullish pattern and this could attract new sellers coming into the market with the next focus on 6400 SAT and 6200 SAT support levels while the technical indicator Relative Strength Index (14) remains below 65-level.
Looking to buy or trade Ethereum (ETH) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Go to Source