The price of Ethereum is currently moving towards the next important Fibonacci (Fib) levels, which are situated between approximately $2,400 and $2,600. This move could indicate a potentially critical stage in Ethereum’s market valuation.
The Bitcoin Effects on Ethereum
Ethereum (ETH) is not performing as well as Bitcoin (BTC). However, if Ethereum starts to perform better than Bitcoin, ETH’s price could significantly increase and reach $3,400. This possibility depends on the dynamics of the ETH/BTC pair, which market participants closely monitor for indicators of Ethereum’s market direction.
Experts suggest that Ethereum’s monthly chart shows the moving average convergence divergence (MACD) histogram trending upwards for four consecutive months, which could indicate the potential for the MACD lines to trend upwards soon. The relative strength index (RSI) is currently in the neutral zone.
Ethereum has successfully surpassed its previous high of $2,140 and is now heading towards the next Fibonacci (Fib) levels between $2,400 and $2,600. However, it may encounter initial resistance at this point, which could lead to a correction phase. But if Ethereum breaks through this resistance upwards, it could rise to the $3,400 level.
Current Data on Ethereum
Over the past eight weeks, the price of Ethereum has been consistently rising, showing an increase of over 50%. The weekly chart reflected this upward trend. The moving average convergence divergence (MACD) histogram is indicating an uptrend. Additionally, while the MACD lines are in an uptrend, the relative strength index (RSI) continues to stay in the neutral zone, though approaching overbought levels.
This suggests that ETH may initially encounter resistance around the Fibonacci (Fib) levels of approximately $2,400 to $2,600. Ethereum’s daily chart shows a downward trend in the relative strength index (RSI), and the day began with a downtrend. If Ethereum enters a correction phase, the next significant Fibonacci support levels could be expected at around $2,005 and $1,800. Nevertheless, an upward trend is possible in the short and medium term.
