By Alicia Maher
Owing to the crossing of the 50-day simple moving average at $2,791, the Ethereum, the world’s second-largest cryptocurrency’s price battle, appears to be coming to an end eventually.
A halt is expected around the 100-day simple moving average (SMA) at $3,129, though Ethereum is not likely to rise past the supply zone of $2,927 to $3,413 through the end of the week.
According to a prediction, if the weekly low falls below $2,541, the bullish thesis is most likely to be invalidated.
Because Ethereum’s price closely follows the cost of the other cryptocurrencies, its price action is tightly wound and in limbo between two key barriers. Despite a lack of momentum and limited upside, ETH has successfully overcome a critical obstacle and appears poised for further gains.
Moreover, because the price of Ethereum is in a close link to the cost of other cryptocurrencies, its price action is tightly wound and in limbo between two key barriers. Despite a lack of momentum and limited upside, ETH has successfully overcome a critical obstacle and appears poised for further gains.
The Rise in the Price of Ethereum Benefits Bulls
The price of Ethereum remains wedged between the weekly supply range, which extends from $2,927 to $3,413, and the weekly support range, which extends from $2,413. These barriers have seen the limitation in the ETH’s movement and, as a result, its upside potential.
On March 16, 2022, ETH flipped the 50-day Simple Moving Average (SMA), which it had failed to breach three times in a row in the previous month. However, the price of Ethereum has since rammed through the previously mentioned supply zone and is marching even higher.
In the near future, investors can expect the intelligent contract token to recheck the 100-day SMA at $3,129 and, in some cases, reach $3,200. Any movement above this level, however, appears to be unlikely.
In contrast to this, if the price of Ethereum fails to break through the weekly supply zone, which extends between $2,927 and $3,413, it will definitely indicate the buyers weakness and also suggest that a reversal is imminent.
Also, if the daily candlestick closes below the weekly support level of $2,541, Ethereum’s price will be invalidated, and a lower low will form. Bears are likely to drag the coin back to $1,968 or the psychological barrier of $2,000 if it reaches $2,000 levels.
Experts believe that the crypto market reflects war’s increased volatility. Furthermore, they note that mirroring the crypto market with the stock market, mainstream adoption, and recent price declines have contributed to the current state of crypto prices.