Ethereum Price Prediction: $2500 remains a tough nut to crack for ETH amid impending death cross


  • ETH price remains on an 11-day uptrend but capped below $2500.
  • Ethereum awaits the August 4 upgrade amid a recovery in hash rate.
  • The coin at risk of a bearish reversal due to impending death cross on the 1D chart.

Amid sluggish trading seen across the crypto market this Saturday, Ethereum price remains trapped in a narrow range around $2450, potentially contemplating the next move.

In doing so, ETH price consolidates its ten-day winning streak, hovering close to monthly highs just shy of the $2500 mark.

The buying interest around the world’s second most traded digital asset remains unabated ahead of its upgrade, known as Ethereum Improvement Proposal (EIP) 1559, which is set to go live on August 4.

The upgrade is expected to alter the transaction costs while reducing the supply of the ether token, which could power the ETH price sharply higher. Further, the recovery in the hash rates also keeps the bullish tone intact around Ethereum.

As of writing, ETH/USD is trading at $2463, modestly flat on the day. Ethereum is gaining 14% on a weekly basis.  

ETH/USD’s upside appears faltering as technical indicator warrants caution

Ethereum’s daily chart shows that the price is lacking a follow-through upside momentum, as the bears are awaiting confirmation of a death cross formation.

The 200-Daily Moving Average (DMA) is set to cut through the 50-DMA from below, with a confirmation on a daily closing basis to indicate the potential for a major sell-off. 

The death cross validation could call for a bearish reversal, opening floors towards the 50 and 200-DMAs confluence near $2140.

The initial support could emerge at the July 7 highs of $2411, below which Friday’s lows of $2318 could be tested.

The $2250 psychological level could come to the rescue of ETH bulls should the downside pressure intensify.

ETH/USD: Daily chart

However, with the 14-day Relative Strength Index (RSI) still trending above the midline, the ETH buyers could defy the death cross warning and resume the uptrend to retest $2500.

The next relevant bullish target is placed at the 100-DMA at $2538. ETH bulls would seek fresh entries above the latter, exposing the $2600 round number.

ETH/USD: Additional levels to watch

ETH/USD

Overview
Today last price 2449.18
Today Daily Change -14.73
Today Daily Change % -0.60
Today daily open 2463.9
 
Trends
Daily SMA20 2074.97
Daily SMA50 2142.87
Daily SMA100 2537.48
Daily SMA200 2132.59
 
Levels
Previous Daily High 2474.82
Previous Daily Low 2317.51
Previous Weekly High 2474.82
Previous Weekly Low 2108.08
Previous Monthly High 2890
Previous Monthly Low 1700
Daily Fibonacci 38.2% 2414.73
Daily Fibonacci 61.8% 2377.6
Daily Pivot Point S1 2362.67
Daily Pivot Point S2 2261.43
Daily Pivot Point S3 2205.36
Daily Pivot Point R1 2519.98
Daily Pivot Point R2 2576.05
Daily Pivot Point R3 2677.29

 

 

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