Ethereum Price Prediction: Whatever happened to the 200-Week Moving Average?
- Ethereum price hovers 20% above the 200-Week Moving Average.
- A retest of the historical barrier has not yet occurred.
- A successful retest and rally signal could send the ETH price as high as $2,800.
Conversations have all but disappeared surrounding the historical technical indicator that was on every crypto newsfeed this summer. This article aims to reignite the conversation about the 200-Week Moving Average (WMA) as the Ethereum price will need a stable floor to land on before another bull run can occur.
Ethereum price could retest $1260
Ethereum price managed to hurdle back above the 200 WMA on July 16 after three failed attempts stifled breakout bulls' ambition. The 4th attempt was the catalyst to a 67% recovery rally as Ethereum topped out at $2,030 on August 14.
Ethereum price currently auctions at $1,592. 200-WMA hovers 20% below the current market value at $1,2563. Investors may want to consider keeping one in the chamber as the retest of the barrier has not yet occurred.
ETH USD
A classic retest-and-rally signal from the historical barrier could be the next Ethereum bull run that could rally as high as $2,800. If the ideal scenario presents itself, the invalidation level should be below the June 18swing low at $881.
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
