Ethereum Price Prediction: ETH bulls need to tackle $1,700 before eyeing $2,000


  • ETH/USD picks up bids near intraday high, extends Sunday’s bounce off one-month low.
  • 21-day SMA, previous support line from late-December and 23.6% Fibonacci retracement guard immediate upside.
  • Bears will have a bumpy road on their return.

Ethereum bulls are in full swing while attacking the $1,600 level, currently up 1.77% intraday near $1,595, amid initial Thursday. In doing so, the altcoin extends recovery moves from a one-month low, marked on Sunday.

Also favoring the ETH/USD bulls could be the receding bearish bias shown by the MACD as well as sustained trading beyond key Fibonacci retracement levels of late-December 2020 to February 20, 2021, upside.

However, a convergence of 21-day SMA, a 10-week-old previous support line and 23.6% Fibonacci retracement will test the bulls around $1,700 before giving them a go to the $2,000 threshold.

If at all the ETH/USD fades upside momentum below $1,700, it risks declining back to 50% Fibonacci retracement level of $1,300 and then to the $1,120 level comprising 61.8% of Fibonacci retracement.

Also acting as a downside filter is the mid-January low near $980 and the $1,000 psychological magnet.

Overall, Ethereum bulls are rolling their sleeves for a fresh record high but need to validate their strength.

ETH/USD daily chart

Trend: Bullish

additional important levels

Overview
Today last price 1592.87
Today Daily Change 25.01
Today Daily Change % 1.60%
Today daily open 1567.86
 
Trends
Daily SMA20 1702.44
Daily SMA50 1531.52
Daily SMA100 1127.88
Daily SMA200 763.33
 
Levels
Previous Daily High 1657.91
Previous Daily Low 1476.72
Previous Weekly High 1976.72
Previous Weekly Low 1367.36
Previous Monthly High 2041.42
Previous Monthly Low 1271.31
Daily Fibonacci 38.2% 1588.7
Daily Fibonacci 61.8% 1545.93
Daily Pivot Point S1 1477.08
Daily Pivot Point S2 1386.31
Daily Pivot Point S3 1295.89
Daily Pivot Point R1 1658.27
Daily Pivot Point R2 1748.69
Daily Pivot Point R3 1839.46

 

 

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