The second cryptocurrency by market cap has been in an upward trend for a while now. There are many highlights of the upward trend, but one of the main highlights is when ETH crossed the $500 resistance level.
ETH traders saw it coming and were eagerly expecting when the $500 resistance level will break. Before the $500 resistance flipped, several indicators showed the incoming breakthrough. For example, the MACD triggered a buy signal, and that buy signal may be responsible for increasing RSI and price.
Shortly after the rise to $500 and above, the MACD showed a short-term sell signal that brought the price down a little. The buying-selling short-term signals continued until a MACD showed a long term buy signal that pushed prices to break the $600 resistance level.
Some traders speculate that ETH may break more resistance and hit $2k before the year runs out. Indicators like the MACD, OBV, and RSI offer critical predictions. At the time of writing, ETH is trading at $601. At this moment, several indicators are predicting a decrease in ETH prices.
OBV and RSI are currently in a downtrend, which indicates that prices will fall. MACD also shows a sell signal. How deep will prices plunge? If everything remains constant and all the indicators are accurate, prices may dip below the $600 support in the next few hours. If traders can go against the odds and rally the market, traders can expect to see a price push above the $610 resistance level.
On several exchanges like Binance, more traders are selling than buying. If the current trend continues then, prices may follow suit and fall. Can ETH reach $2,000 this year? At this time, RSI is well above 70; this means ether is overbought, and the current price is due for a correction.
Currently, MACD is showing a buy signal, and taking the current RSI into consideration, and a sell signal will appear soon. If traders start selling off their assets, no doubt prices may not come close to $1,000; shattering the dreams of some traders.
ETHUSD: One Week Chart
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