Ethereum rebounds to the 200-day MA. Now, what next?

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How long will Ethereum remain in a bear market? It is tricky to answer that question, especially while we don’t know how the Federal Reserve will act on inflation.

While we can’t know for certain, it does appear that the global selloff from earlier this year is beginning to subside. For Ethereum, the digital currency sees $1,250 as a key price point. Could this be a positive sign for bulls?

A crypto analyst with a large social media following is urging his followers to buy Ethereum now.

The pseudonymous analyst predicts an upturn for ETH. Saying that the ongoing trend of the 200-day moving average signifies bullish behavior. If his predictions are correct, this would result in an 80% increase from current prices, peaking at $2,400.

Ethereum’s price is slowly rising as it stabilized at $1,250

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Data Source: Tradingview

From a technical standpoint, we can see that Ethereum has been holding at $1,250 for the past month. Additionally, the price is above the 200-day moving average on the weekly chart, which suggests that prices may rebound soon.

The 200-day MA is a vital trend indicator, commonly used to identify potential long-term trends. With ETH still being supported by the moving average, we need to pay close attention to price action.

In addition, a small pin bar that indicated a bullish trend formed at the $1,250 support level on the weekly chart. That happened after an inside bar was made at the same level. Both of those things are signals that there might be a chance to go up.

About Ethereum

Ethereum is the second-largest cryptocurrency by market capitalization. It has a unique value proposition as it powers smart contracts and decentralized applications (dApps). With its growing adoption and development, Ethereum remains a strong player in the crypto space.

Therefore, looking at technical levels, we see that resistance lies at $1,550 followed by $1,630 on the weekly chart. On the flip side, support can be seen at $1,250 followed by $1,050.

Is ETH a good buy now?

There are still numerous bear market triggers, but ETH is appealing at its present value. If the price falls below $1,250 again, bulls have consistently rejected it as a sign that a reversal could happen.

Though we may not see an immediate or lasting increase in price, this does suggest that we have reached a potential bottom.

If the market trend continues, ETH could rise to $1,450 and then $2,000. However, if the overall market improves, ETH could see a significant increase to $2,400 or more.

Conclusion

Overall, we remain bullish on Ethereum’s price action with a potential upside to the above resistance levels.

Keep an eye out for any breakouts or breaches of key levels for further confirmation. As always, remember to do your thorough research and trade cautiously. Happy trading!

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