Ethereum Cryptocurrency Forecast
Ethereum cryptocurrency upgraded to Hold/Accumulate.
(Updated on Apr 22, 2024)
The Ethereum cryptocurrency price gained 1.39% on the last trading day (Monday, 22nd Apr 2024), rising from $3,151.61 to $3,195.34. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the cryptocurrency fluctuated 3.53% from a day low at $3,128.76 to a day high of $3,239.10. The price has fallen in 6 of the last 10 days and is down by -1.31% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 billion more shares were traded than the day before. In total, 12 billion shares were bought and sold for approximately $37.89 trillion.
The cryptocurrency lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $3,108.90 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the cryptocurrency is expected to rise 36.44% during the next 3 months and, with a 90% probability hold a price between $4,241.91 and $6,264.27 at the end of this 3-month period.
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ETHUSD Signals & Forecast
There are mixed signals in the cryptocurrency today. The Ethereum cryptocurrency holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the cryptocurrency giving a more negative forecast for the stock. On further gains, the cryptocurrency will meet resistance from the long-term Moving Average at $3,362.04. On a fall, the cryptocurrency will find some support from the short-term average at $3,109.96. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Tuesday, March 12, 2024, and so far it has fallen -20.76%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Ethereum cryptocurrency
Ethereum finds support from accumulated volume at $3,089.52 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $110.34 between high and low, or 3.53%. For the last week, the cryptocurrency has had daily average volatility of 4.66%.
Ethereum is oversold on RSI14 (18). Some cryptocurrencies may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: $2,983.17 (-6.64%) (This cryptocurrency has medium daily movements and this gives medium risk. Low RSI14 is 18 which reduces the risk some. There is a sell signal from a pivot top found 41 days ago.)
Trading Expectations (ETHUSD) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Ethereum / Dollar to open at $3,187.73, and during the day (based on 14 day Average True Range), to move between $2,980.71 and $3,409.97, which gives a possible trading interval of +/-$214.63 (+/-6.72%) up or down from last closing price. If Ethereum / Dollar takes out the full calculated possible swing range there will be an estimated 13.43% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $3,296.53 (3.17%) than the support at $3,089.52 (3.31%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Ethereum / Dollar cryptocurrency A Buy?
Ethereum holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this cryptocurrency since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.065 Hold/Accumulate Upgraded
Predicted Opening Price for Ethereum / Dollar of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| $3,187.73 ( 0.238%) | $3,195.34 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ETHUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,298.07 | 3.22 % | |
| R2 | 3,255.92 | 1.90 % | ||
| R1 | 3,229.88 | 1.08 % | ||
| Current price: | 3,195.34 | |||
| Support | S1 | 3,145.58 | -1.56 % | |
| S2 | 3,119.54 | -2.37 % | ||
| S3 | 3,077.39 | -3.69 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,659.43 | 14.52 % | |
| R2 | 3,524.87 | 10.31 % | ||
| R1 | 3,296.53 | 3.17 % | ||
| Current price | 3,195.34 | |||
| Support | S1 | 3,089.52 | -3.31% | |
| S2 | 2,877.10 | -9.96% | ||
| S3 | 2,825.94 | -11.56% |
FAQ
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