Ethereum Price Prediction: ETH May Rally Towards $2,440 Amidst Bullish Technical Signals

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The Ethereum price rose more than 1% over the past 24 hours to trade at $2,333.70 at press time.

The Ethereum Price Re-Enters a Key Channel

Daily chart for ETH/USDT (Source: TradingView)

Over the past 24 hours, the Ethereum price has surpassed the mid-level of a descending price channel that’s been evident in the medium term. This rise followed a bounce from a supportive trend line seen in the last few days. If this upward trend persists, Ethereum could overcome the downward channel and set its sights on the $2,440 resistance level.

Should Ethereum sustain a daily close above $2,440 in the upcoming week, it could establish a solid base for further short-term gains. In such a positive scenario, the cryptocurrency might climb to around $2,685 in the next few days.

However, this optimistic outlook could be challenged if Ethereum’s price dips below the $2,295 support level within the next 72 hours. Under this less favorable circumstance, Ethereum might revisit the supportive trend line. A failure to maintain this level could lead to a decline towards the next support mark at $2,130.

The technical indicators on Ethereum’s daily chart are aligning, suggesting a potential continuation of its recent ascent in the next 48 hours. The Moving Average Convergence Divergence (MACD) is showing bullish signs, with the MACD line approaching the Signal line and a positive slope on the MACD Histogram, hinting at a short-term upward trend for Ethereum.

Additionally, the Relative Strength Index (RSI) is also indicating bullish momentum. The RSI line has recently crossed above its Simple Moving Average (SMA), signaling a shift in balance favoring buyers over sellers. This shift could make it easier for the bullish momentum to push Ethereum’s price higher in the next few days, especially as the RSI remains above the SMA, reflecting the current strength of buyers. If these technical indicators hold true, Ethereum could soon convert the $2,440 level into a new support zone.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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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