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Ethereum Price Prediction: $3,500 is the target

Ethereum Price Prediction: $3,500 is the target
Ethereum Price Prediction: $3,500 is the target

  • Overnight, the price of Ethereum soared over the monthly pivot, signalling a technical entry.
  • The price of Ethereum is likely to climb towards $3,200 after bouncing off the monthly pivot.
  • Although the Nasdaq is lagging, the dollar's decline is helping cryptocurrencies gain ground.
On Tuesday, bulls closed above the monthly pivot, putting Ethereum (ETH) on the verge of a 17 percent rise. ETH is currently testing support for a rebound towards $3,200. Other tailwinds are emerging and sustaining the price action's bullish hand, despite the Nasdaq producing headwinds with FAANG-stock Netflix on the backfoot, down 25%. Expect a staged rally with a first objective of $3,200 and a final aim of $3,500, where the 200-day Simple Moving Average (SMA) has been flatlining for more than a month.

The death cross of the Ethereum price is coming to an end.

The famed death cross, in which the 55-day SMA trades below the 200-day SMA, is being undone by Ethereum bulls. Although there is still a $500 gap to close, the uptrend of the 55-day SMA cannot be overlooked. The Relative Strength Index (RSI) is back around 50, indicating that bulls are outpacing bearish in terms of trade activity.

As a result, the price of Ethereum is expected to rise above $3,200 after finding support near the daily pivot of $3,068, aided by some dollar weakening this morning. With the US dollar easing, ETH and other cryptocurrencies have the opportunity to book some gains while recovering some ground to the upside, reverting technical levels to support rather than resistance. The ultimate upside objective for this week is $3,500, which is reachable provided the dollar index continues to fall throughout the week, creating a window of opportunity for a 17 percent rally.
The death cross of the Ethereum price is coming to an end
The death cross of the Ethereum price is coming to an end

New US penalties, including the possibility of blacklisting countries that continue to trade and engage with Russia, could pose a risk to the downside. This would exacerbate the volatile scenario on the global arena, potentially causing investors to run to safer assets. Expect a drop below $3,000 and below the 55-day SMA, resulting in a 13 percent drop to $2,695.80.



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