• Ethereum (ETH) has been trading between the $1,750 and $1,850 level over the past few weeks.
• The technical indicators show that ETH could rally higher in the near term.
• If the current market conditions persist, ETH could test the first major resistance level at $1,921 before the end of the day.
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 as part of a stagnant performance from the broader cryptocurrency market. At press time, Ether stands at $1,852 up by more than 2% over 24 hours which is giving some hope to investors that it may soon reach its 11-month high of $2,141 since it reached that level after its Shanghai update.
The ETH/USD 4-hour chart is looking bullish as Ethereum has been performing well over 24 hours with technical indicators showing that ETH could rally higher in near term. The MACD line is now within positive zone indicating that bulls are currently in charge of Ether market while 14-day RSI of 64 also shows that Ether could soon enter an overbought region if rally continues.
If current market conditions persist then ETH could test its first major resistance level at $1,921 before end of day but to reach second major resistance level at $2k a support from broader crypto market would be required.
Where to Buy Ethereum Now?
Investors looking to buy Ether can do so using platforms such as eToro which offers a wide range of cryptos such as Bitcoin and XRP alongside crypto/fiat and crypto/crypto pairs for users to trade with ease.
Ether has been trading around the psychological levels lately but if current conditions continue then it could very well test its 11 month high soon with investors leaning towards cryptocurrencies as hedge against possible US debt default making it one of biggest winners in process.