The cryptocurrency markets have been volatile in recent weeks, with the price of Ethereum dropping significantly. The latest US non-farm payrolls report, which revealed stronger-than-anticipated job growth, has been mainly blamed for this. As a result, the market’s mood has changed to one of bearishness, and investors are now speculating as to how low the price of Ethereum could fall.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,680.72 |
Ethereum Price Prediction
The price of Ethereum is currently $1,650, and its 24-hour volume is $7.6 billion. Over the past 24 hours, the cryptocurrency asset has increased by 0.50%. It is presently ranked second on CoinMarketCap with a market cap of $202 billion.
As a result of failing to surpass the $1,700 barrier mark, Ethereum’s value fell noticeably. Investors probably decided to take profits because Ethereum was in an overbought state and had already reached a 50% Fibonacci retracement at $1,635, which is why the sharp decline occurred.
Prices of ETH might fall below $1,615, which is the 61.8% Fibonacci retracement level, if they fail to hold above the current level.
Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators of Ethereum have decreased to 56 and 0.40, respectively, suggesting that ETH may no longer be in an overbought situation. With prices rising over the $1,620 level, the 50-day Exponential Moving Average also points to a probable positive rise.
At the moment, Ethereum is facing resistance levels between $1,650 and $1,680. Ethereum’s price could rise up to a maximum of $1720 if these thresholds are successfully crossed.
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