Following a mini selloff that occurred in the crypto market over the last 24 hours, the price of Ethereum (ETH) took a 3.53% knock. According to CoinMarketCap, the price of ETH is trading at $1,527.01 at press time.
Daily chart for ETH/USDT (Source: CoinMarketCap)
Looking at the daily chart for ETH, the altcoin leader’s price is resting on the support level at $1,509.29. This comes after its price printed a two-day negative sequence.
ETH’s price is still receiving some support from the 9-day EMA line, which is bullishly positioned above the longer 20-day EMA line. This bullish orientation of the two EMA lines is, however, being canceled out by the bearishness seen in the daily RSI indicator.
Currently, the daily RSI line is sloped negatively towards oversold territory and has recently crossed below the daily RSI SMA line. This may be an early sign that ETH’s price will drop significantly. Should this support level fail to hold, ETH’s price will drop to the 20-day EMA level around $1,410.
Crypto analyst, Michael van de Poppe tweeted yesterday that his target for ETH’s price is $1,460.97. Once ETH has reached this level, he stated in the tweet that “the dips to come right now are probably the best options before the relief rally will occur.”
The analyst concluded the tweet by stating that there are “massive opportunities if you’re not in the markets yet.” If ETH’s price is able to close above the current support level at the end of today’s trading session, then the bearish thesis will be invalidated and ETH’s price will look to target $1,556.20.
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