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Ethereum Price Prediction – August 29
The Ethereum price prediction is getting ready to trade above the resistance level of $3300 as the entire market moves sideways.
ETH/USD Market
Key Levels:
Resistance levels: $3600, $3700, $3800
Support levels: $2800, $2700, $2600
ETH/USD is currently recovering above $3200 and it is likely to climb back above the resistance level of $3300 soon. Ethereum has been trading bullishly for the past few weeks and the coin is now struggling to stay above the 9-day and 21-day moving averages. The monthly high remains at $3330 while the nearest support level for the current trading is located at $2900 in the short term.
Ethereum Price Prediction: Ethereum (ETH) May Break to the Upside
If the Ethereum price break and remain above the 9-day and 21-day moving average; it could test the $3400 resistance. However, a successful break above this level could open the doors for a significant increase above the $3500 level. In the mentioned case, the price is likely to rise towards the $3600, $3700, and $3800 resistance levels in the coming sessions.
Moreover, as the technical indicator Relative Strength Index (14) moves below 60-level, the nearest support is located below the 21-day MA at the $3100 level. If there is a bearish break below this support, ETH/USD could test the $3000 support. The next major support is near the $2900 level, where the bulls are likely to take a strong stand but any further losses could lead the price towards the $2800, $2700, and $2600 support levels.
When compares with Bitcoin, the Ethereum price is moving sideways as the coin remains around 6619 SAT. Therefore, as soon as the price crosses above the 21-day MA, there is a possibility that additional benefits may be obtained in the long term. Meanwhile, the next resistance key above the current price is close to the 6700 SAT. More so, if the price keeps rising, it could hit the potential resistance at 7100 SAT and above.
On the contrary, if the bears resume back, the 6500 SAT and 6300 SAT support may play out before rolling to the critical support level of 6200 and below. However, the daily outlook is looking ranging as the technical indicator Relative Strength index (14) is moving in the same direction around 50-level, which suggests sideways movement for the market.
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