Following two consecutive higher sessions, the Ethereum Price Prediction 2022 remains subdued in today’s session. Price appears to have taken a breather before charging toward the swing highs of $3,057.81. The crypto markets are ruled by market uncertainty and volatility as investors await two key events.
Let’s dig into the Ethereum’s Technical Movement.
Ethereum Price Prediction 2022
ETH/USD is currently trading at $2,906.38, down 2.28 percent on the day. The second-largest cryptocurrency by market cap, according to CoinMarketCap, has a 24-hour trading volume of $15,165,650,298 USD.
In the most recent update, the Ethereum team announced a reduction in gas fees as a result of the ongoing Serenity upgrade, which is essentially good news for the blockchain. ETH, on the other hand, appears unfazed by the development.
On the daily chart, the price of Ethereum (ETH) retraced nearly 30% from the swing highs of $3,284.75 and tested February lows of $2,300. As buying emerges near the mentioned levels, investors respected the demand zone extending from $2,159 to $2,300.
If the price remains above the session’s high, it will next test the critical 200-day EMA (Exponential Moving Average) at $3,246.
A break below Tuesday’s low, on the other hand, will trigger a new round of selling in the asset. The immediate downside target could be found near the $2,560.78 horizontal support zone.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) is currently reading 53 points above the average line.
MACD: The Moving Average Convergence Divergence (MACD) is below the midpoint but with a positive sign.
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