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Ethereum (ETH) price has solidified its rising trend and started the new year with an increase above $2,400. The leading smart contract token pushed its upper leg to $2,432, challenging investors with the possibility of a rise to $3,000.
Expert Opinion on ETH
Cryptocurrency analyst Rekt Capital suggests that Ethereum, along with Bitcoin which surpassed $45,000 on the first day of the new year, may have no choice but to recover. Analysts highlight that a breakout from the consolidation period is imminent, and the momentum behind the ETH price could lead to a noteworthy rise soon.
Furthermore, the Ethereum price is trading at $2,369, amidst a correction from previous high levels. The Relative Strength Index (RSI) indicates that sellers are rapidly gaining ground. With the least resistance path potentially downwards from peaks near the overbought zone at a strength of 59, if the short-term support at the $2,360 level is maintained, the Ethereum price could shorten the forming downtrend and support the continuation of the uptrend towards $3,000. The 20-day Exponential Moving Average (EMA) and the 50-day EMA are positioned to absorb selling pressure in the upcoming sessions if the decline intensifies.
On-Chain Data for Ethereum
The same RSI could show a slight increase over longer time frames, just as it does on the daily chart. According to experts, based on the trend strength indicator, those holding Ethereum need not worry about the fluctuations in shorter time frames, but should focus on potential gains by following the consolidation between the $2,200 support and the $2,400 resistance.
While the 20-day EMA support strengthens at $2,280, the 50-day EMA continues to provide support at $2,179. If the Ethereum price surpasses the fundamental level of $2,000, the 200-day EMA will align to prevent losses from reaching the local support of $1,850. A buy signal from the Moving Average Convergence Divergence (MACD) indicator in the cryptocurrency could help stabilize the bullish thesis.
