Ethereum Price Prediction: ETH Rebounds From Brink of Disaster! Will It Hit $2,685 Soon?

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The Ethereum price dropped slightly over the last 24 hours to trade at $2,214.13 at press time as investors sell off some of their holdings in ETH.

The Ethereum Price Prints a Higher Low

Daily chart for ETH/USDT (Source: TradingView)

In the past few days, the Ethereum price fell beneath the $2,295 support after breaking out from a downward price channel. However, bulls managed to halt its descent before it could reach the $2,130 level, establishing a new higher low and continuing the positive trend line that has been forming on the charts of this leading altcoin.

Looking ahead, the Ethereum price might start an upward trajectory as it bounces off this bullish trend line. If this optimistic scenario unfolds, Ethereum could soon regain the $2,295 support level. Sustained buying pressure might then push the price of this leading altcoin beyond the previous downward channel, providing Ethereum some breathing space. This could enable it to convert the $2,440 resistance into support, with the potential to climb towards $2,685. However, this bullish outlook could be negated if Ethereum breaks below the supportive trend line.

ETH Could Begin to Rise

The selling pressure that previously caused a significant drop in the Ethereum price appears to be easing, according to technical indicators on the daily chart. The MACD indicates that the bearish phase for the altcoin may be concluding, as seen by the stabilizing MACD Histogram gradient. There are also signs of buyers making a return, as evidenced by the shrinking distance between the RSI line and its Simple Moving Average (SMA). With the RSI in oversold territory, the potential for an upward move seems greater than that for a decline. These technical signals could be seen by investors as an opportunity for a long position, potentially leading to an increase in the Ethereum price in the near future.

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Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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