Ethereum Price Prediction: ETH Price Eyes 33% Upside Rally From Recent Crash
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Ethereum (ETH) price makes a strong comeback on Friday bucking the previous session’s declines. After testing the weekly lows near $2,300 on Thursday. ETH opened higher with strong gains. However, Ethereum might face multiple hurdles even if buyers enter the market.
- Ethereum (ETH) price trades with remarkable gains on Friday.
- A decisive close above $2,800 will push ETH toward 25%.
- Momentum oscillators remain neutral indicating some reversal in the price.
As of press time, ETH/USD is trading at $2,675, up 3.08% for the day. The 24-hour live trading volume of the second-largest cryptocurrency by market cap held at $21,573,933,277 as per the CoinMarketCap.
Ethereum News
In the recent development, Ethereum gets an upgraded scaling testnet ahead of its scheduling time. zKSync announced an Ethereum Virtual Machine compatible Zero-Knowledge rollup years ahead of schedule. zkSync is a protocol responsible for implementing Ehtereum scaling platforms.
ETH price craves for 33% upside rally
Ethereum (ETH) has depreciated nearly 55% from the record highs of $4,867.81 made on November 10. After the recent update from the lows of $2,159 made on January 24th. But ETH price has remained pressured near the horizontal resistance line at $3,254.89. As investors met the crucial supply zone near this level and liquidated the holdings.
On the weekly chart, the formation of a ‘bullish’ hammer formation suggests price can seek further upside of 25% towards the $3,200 level.
On the flip side, if the price breaks the previous session’s low in the presence of increased selling pressure. A revisit to the January 2022 lows is plausibly followed by the lows of $2,651 last seen in July.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) reads at 44 with a probable bullish crossover.
MACD: The Moving Average Convergence Divergence (MACD) holds below the midline with a neutral bias.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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