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Ethereum price prediction: is the correction over now?

 


The Ethereum course corrected to the 50-4H-EMA, from which Ethereum could bounce so far. Is the correction already over or will Ethereum fall even lower?


Ethereum price finds support at the 50-4H EMA

The Ethereum price corrected to the 50-4H-EMA at around USD 1,876, from which Ethereum has been able to bounce off strongly so far. However, Ethereum is facing significant Fibonacci resistance at the golden ratio around USD 1,970 and without breaking this resistance, the correction remains intact. So for the correction to be over, Ethereum needs to clear the golden ratio around $1,970.


Also, the MACD lines on the 4H chart are close to a bullish crossover, while the histogram is ticking bullishly higher.


Is Ethereum Returning to the Bottom of the Parallel Upward Channel?

Ethereum could correct to the bottom of the parallel up-channel around $1,750 if the corrective move continues. If the Ethereum price breaks out of the parallel upward channel in a bearish manner, it will encounter significant support at the 50-day EMA at the latest. Also, just below that is the 0.382 Fib level. So, between $1,590 and $1,645, Ethereum finds significant support.


In the daily chart, however, the MACD lines are just before a bearish crossover and the histogram of the MACDs has also been ticking bearishly lower for days. The RSI is neutral.


Will Ethereum price break above the 50-week EMA?

In the weekly chart, however, the MACD is still clearly bullish, because the MACD lines remain bullishly crossed and the histogram has been ticking bullishly higher for weeks. So far, however, the weekly chart looks like a rejection at the 0.382 Fib resistance at around USD 1,912, where our price target has been for months . Should Ethereum correct now, it will also find the 200-week EMA at around USD 1,600, which also serves as support.


If the Ethereum price closes above the 0.382 Fib level at around USD 1,912 on the weekly chart, Ethereum will find significant resistance at around USD 2,325 at the 50-week EMA.


In the medium term, Ethereum could rise to around USD 2,600

While the weekly chart initially looks like a bearish rejection at Fib resistance, the monthly chart remains strongly bullish. The medium-term price target is around USD 2,600, as this is where Ethereum encounters significant Fibonacci resistance.


Also, the MACD histogram is starting to tick bullishly higher this month and if it closes in bullish fashion, it would be an indication of a bullish trend reversal. The RSI is also neutral here.


Against BTC, the ETH price has reached the golden ratio resistance

Against BTC, the Ethereum price has also reached the Fibonacci price target , but is currently being rejected bearishly at the Golden Ratio. The Ethereum price could now make a second attempt to break the golden ratio at around 0.085 BTC. In addition, the EMAs in the daily chart are bullishly crossed, which confirms the bullish trend in the short to medium term.


On the other hand, the MACD lines in the daily chart are now bearishly crossed and the histogram is also ticking bearishly lower. On the downside, Ethereum finds significant Fibonacci supports around 0.069 BTC and around 0.061 BTC.


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 that the reader takes based on the information found on our website is entirely at their own risk.

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