Ethereum price prediction: price to retest $580 support level
3 min readTL;DR breakdown
- Ethereum price currently $587.97 with bearish movement in short-term charts
- Price heads towards support level at $580
- Traders can expect price to rise above $600 if support level is maintained
Ethereum price prediction: Today’s price overview
Ethereum (ETH) price started the day at $616, with bears dominating the market throughout the day. The price declined from a high of $620 to a low of $581, but the price has slightly recovered since then. Currently, the price is trading at $587.97, showing a 4.62 percent decline from the day’s opening price.
Ethereum price prediction: Where is ETH price heading
Since the start of December, Ethereum price has moved with significantly high volatility compared to November. The price started the month with slight bearish momentum that suddenly turned bullish before switching once again as the price climbed to $626 before crashing to below $560. The price action quickly recovered above the $575 level, and the level has supported the price action since then.
The price action remained indecisive as waves of bullish and bearish candles continued to mark the chart with a lack of strong movement in either direction. Since the rejection of December 1, the price action has continued to consolidate between $620 and $580.
The technical indicators flash ‘buy’ signals as the MACD shows signs of a bullish turnover. Meanwhile, the RSI remains neutral but hands low, suggesting sharp bearish movement will make Ethereum oversold.
If buyers continue to defend the current support level at $575, traders can expect Ethereum price to rise above $600, making another attempt at crossing the $620 resistance level. Conversely, downwards movement below the support level would send the price crashing below the $540 mark as the nearest strong support lies at $530.
ETH USD long-term trend analysis
Ethereum price started the year at $128.66 with a bullish reversal as the buyers successfully defended the support level at $120. Following the trend reversal, the price continued to ascend until mid-February, reaching a high of $288 but failed to defend the support at the level. Subsequently, as the bullish momentum exhausted, the bears took control of the price action, and the price declined significantly.
While the buyers attempted to defend the support level above $200, they failed due to the high selling pressure, and the price declined further. The price bottomed out below $100, which turned out the year’s low as the buyers managed to initiate a trend reversal. The support level enabled the price to recover to $200 by the start of May. The bulls appeared exhausted as the price action did not continue the rally but consolidated at around $200 for most of May.
Near the end of May, Ethereum price action climbed above $220 only to consolidate around the $230 level for the next two months. In late-July, the markets were fully controlled by the bulls as the price rose from $236 to $387 in just ten days. However, the sharp ascension meant that the price did not have a strong foothold at the level.
Subsequently, the price briefly crashed to $300 before bouncing back to the $400 resistance level. The price hovered at this level for quite a while, and the buyers managed to break above twice. However, the bulls failed to maintain support at the level, and the price declined below; the price bottomed at $310 in September.
Between October and mid-November, the price ascended steadily as the charts observed wave-like bullish activity, causing the price to rise above $475. The bullish momentum only grew stronger as the price crossed $600 on November 23. However, the bulls were exhausted, and the price action retraced below.
Since finding support below $500, the price action has recovered to the $600 level and continues to test the resistance level. Although the price has broken above the level several times, it failed to maintain support at the level and declined.
On the technical indicators, the MACD indicates a slight bullish momentum that is declining as the two EMAs converge. Meanwhile, the RSI has remained in the neutral territory since the recent price correction. While the RSI is relatively high, there is still room for upwards price movement.
