- Ethereum price trades above the $3,300 psychological level.
- ETH Faces Significance resistance upwards posed by the $3,400 psychological level.
- The recent Ethereum bullish momentum eyes areas above $4,000.
Ethereum price prediction remains bullish as bulls remain focused to pushing it towards the May all-time-high (ATH). Yesterday, Ethereum rallied 11% to reached a high of about $3,328. This is the first time ETH has traded above $3,300 since May 19.
While the launch of the London hard fork at the end of last week may have helped bolster the ETH bulls, on-chain metrics indicate that Ethereum faces significant resistance between around the $3,400 supply zone.
Ethereum Price Rally Eyes $4,000
At the time of writing, Ethereum price trades in the red around $3,300.92 as bears try to undo yesterday’s gains. The price of the second largest cryptocurrency by market capitalization rose by almost 28% between August 04 and August 7. Yesterday Ethereum price reached a high of around $3,328 shattering the $3,300 psychological level.
On the daily chart, the smart contracts giant is battling immediate resistance presented by the $3,400 psychological level. Note that a daily closure above this level could bolster Ethereum price bulls towards the May ATH above the $4,000 psychological level.
However, the ETH will have to overcome the $3,500 psychological level, resistance at $3,550, and the $3,920 major resistance before making a go at $4,000.
Crypto signals from the Moving Average Convergence Divergence (MACD) indicate ETH is generally bullish. The position of the MACD above the zero line in the positive region validates the bullish narrative. Moreover, the movement of the 12-day exponential moving average (EMA) above the 26-day EMA indicates that the bulls are in the driving seat.
ETH/USD Daily Chart
However, the In/Out of the Money Around Price (IOMAP) model by IntoTheBlock shows that ETH faces massive resistance at the $3,400 psychological level. This area lies within the $3,344 and $3,442 investor cluster where approximately 387,000 ETH were previously bought by roughly 360,000 addresses. This area could prove difficult for ETH bulls who wish to Re-try Ethereum’s ATH around $4,196.
Ethereum IOMAP Model
ETH Could Reach These Levels
Note that if Ethereum price fails to close the day above the $3,300, it could take a breather and retract to test the immediate support at the $3,200 psychological level before the bulls re-group to take Ethereum price higher again.
Any further drop would see the Ethereum price retreat towards the 100-day SMA at $2,550 and 50-day SMA at $2,360 respectively.
A drop beyond this could see ETH test the 200-day SMA support area at $2,260 or slide further down towards the July 20 low at $1,716 before recovery begins.
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