• Ethereum (ETH) has been trading in the $1,750 – $1,850 range for the past few weeks.
• Ether is yet to test its 11-month high of $2,141 set after the Shanghai update.
• The MACD and RSI indicators suggest that ETH could soon reach the $2k psychological level.
Ethereum Price Prediction
Ether, the second-largest cryptocurrency by market cap, has been underperforming in recent weeks. The cryptocurrency has been trading between the $1,750 and $1,850 level over the past few weeks. The performance coincides with a stagnant performance from the broader cryptocurrency market.
The positive performance comes as the sentiment in the broader crypto market improves. Investors continue to observe the ongoing debt ceiling talks in the United States, with some of them leaning towards cryptocurrencies as hedge against a possible US debt default.
Technical Indicators Point Upwards
The ETH/USD 4-hour chart is looking bullish as Ethereum has been performing well over the past 24 hours. The technical indicators show that ETH could rally higher in the near term. The MACD line is now within the positive zone, indicating that bulls are currently in charge of Ether’s market. The 14-day RSI of 64 also shows that Ether could soon enter into an overbought region if this rally continues.
Key Levels To Watch
If current market conditions persist, ETH could test its first major resistance level at $1,921 before day’s end. However, it needs support from other cryptos for it to reach its second major resistance level at $2k.
Where To Buy Ethereum Now?
eToro offers a wide range of cryptos such as Bitcoin, XRP and others alongside crypto/fiat and crypto/crypto pairs which investors can use to purchase Ethereum.