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Ethereum Price Prediction: 7 Days Downtrend Now Over?

 


The Ethereum price has been falling for seven days. But today the Ethereum price is rising very strongly and if ETH breaks this resistance, the correction will be over.


If the Ethereum price breaks this resistance, USD 1,912 is in prospect

Ethereum price is showing bullish momentum today as ETH made a higher bottom yesterday, after which the price has already shot up around 5%. In addition, the MACD in the 4H chart is also clearly bullish, because the MACD lines crossed bullishly while the histogram is bullishly ticking higher. The RSI is neutral.


Ethereum is now finding significant Fibonacci resistance around $ 1,700 . If this resistance is broken, the correction may be over and Ethereum could rally to its recent high around $ 1,785 . If ETH also breaks this resistance, significant Fibonacci resistance awaits around USD 1,912 .


If the Ethereum price breaks the trend line, USD 1,440 – 1,512 are in prospect

On the other hand, if Ethereum is rejected bearishly at the golden ratio resistance at around USD 1,700 and then does not maintain the series of higher lows, Ethereum may return to the correction target between USD 1,440 – 1,512. There, Ethereum encounters 0.382 Fib support and the 50-day EMA.


In addition, the MACD in the daily chart is clearly bearish, because the histogram is ticking bearishly lower and the MACD lines are bearishly crossed. Furthermore, not only would a rejection at $1,700 be bearish, but also a daily close below $1,646 . Because that would not even have broken the 0.382 Fib resistance, which would confirm the trend bearish in the short term .


Then Ethereum could return to support between USD 1,440 – 1,512 later this weekend.


Ethereum price could close above 200-week EMA

In the weekly chart, the MACD is still clearly bullish because the histogram is ticking bullishly higher and the MACD lines are bullishly crossed. If ETH closes above around USD 1,600 this week, it would indicate a continuation of the upward movement.


Then, in the week after, ETH could target the 0.382 Fib resistance around $1,912. Should this be bullishly broken, Ethereum will find the next significant Fibonacci resistance at around USD 2,600, with the 50-week EMA already acting as a key resistance at around USD 2,360.


Monthly chart gives no indication of a bullish trend reversal

The month has just started and so far August shows no signs of a bullish trend reversal. The MACD histogram is also ticking bearishly lower and the MACD lines remain bearishly crossed. Meanwhile, the RSI is showing itself neutral.


Against BTC, the ETH price is at the Golden Ratio resistance

Against BTC, the ETH price is at the golden ratio resistance at around 0.074 BTC. In the event of a bearish rejection, the target price is around 0.0644 – 0.0655 BTC. On the other hand, if ETH breaks the golden ratio bullishly, the price target is around 0.083 BTC.


In addition, the MACD is also clearly bullish in the weekly chart, because the histogram is ticking bullishly higher and the MACD lines are bullishly crossed.


So it still looks bullish in the medium term, but more bearish in the short term.


Here you can find the last Ethereum price forecast.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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