Ethereum Price Prediction: Horizontal Channel to Define Movements

Ethereum price is on a rebound; a trend observable in other cryptocurrencies. For instance, the leading cryptocurrency by market cap – Bitcoin – is currently trading at $48,717.30 after bounding off Monday’s low of $45,618.24. Notably, the rebound in the latter entity represents a 6.72% rise. In comparison, Ethereum’s rebound on Tuesday equates to a 7.82% surge.

The crypto market has been subject to heightened volatility since earlier in the month. Evidently, Ethereum price movements have been more vigorous compared to Bitcoin’s. Other altcoins like Solana and Polygon are on a similar trajectory.   

Ethereum price prediction

ETH has bounced back above 4,000 after dropping below the level over the weekend. On Monday, the leading altcoin extended the previous losses to an intraday low of 3,753.32. At the time of writing, it was up by 2.33% at 4,038.09.

On a four-hour chart, Ethereum price is trading above the 25 and 50-day exponential moving averages. While I expect heightened volatility in the short term, I hold a bullish bias.

In the ensuing sessions, the range between the 25-day EMA at 3,920.97 and the resistance level at 4,164.82 will be a crucial one for the cryptocurrency. Past the range’s upper border, Ethereum price may rise further to find resistance at 4,321.04. On the flip side, a move below the lower border will likely place the support along Monday’s low at 3,753.32.

Ethereum price
Ethereum price