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ETH Escapes Bearish Breakdown to $1,200, TAMA Surges

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Azeez Mustapha

The Ethereum price prediction shows that ETH could hit the resistance level of $1,500 as the market price may gain more uptrends.

Ethereum Prediction Statistics Data:

  • Ethereum price now – $1,306
  • Ethereum market cap – $159 billion
  • Ethereum circulating supply – 122.4 million
  • Ethereum total supply – 122.4 million
  • Ethereum Coinmarketcap ranking – #2

ETH/USD Market

Key Levels:

Resistance levels: $1800, $2000, $2200

Support levels: $800, $600, $400

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As the market opens today, ETH/USD begins to follow the bullish movement as the coin hits the resistance level of $1,312. The coin opens at $1,245, and it is currently heading towards the nearest resistance level of $1,500. For the past few days, the Ethereum price has been moving sideways, trading below the 9-day and 21-day moving averages. Meanwhile, the market price could correct higher, but it is likely to face another bearish movement if it crosses below the lower boundary of the channel.

Ethereum (ETH) Ranges while Tamadoge (TAMA) Surges

At the time of writing, the Ethereum price is ranging, and the coin is likely to break down to gain more downtrends by crossing below the channel. However, ETH/USD is currently hovering at $1,307 as it prepares to cross above the 9-day moving average. Should it spike below the channel, the critical support levels of $800, $600, and $400 may be tested as the technical indicator Relative Strength Index (14) remains below the 40-level.

Meanwhile, ETH/USD could either recover above the 9-day and 21-day moving averages or extend its decline towards the support level of $1,200. On the upside, the next major resistance is near the $1500 level. But, the coin may hit the resistance levels of $1800, $2000, and $2200. If not, there is a risk of more downsides below the lower boundary of the channel.

Against Bitcoin, the daily chart shows that the Ethereum price is hovering below the 9-day and 21-day moving averages. If the price crosses above this barrier and faces the upper boundary of the channel, there is a possibility that the coin may hit the nearest resistance level of 8000 SAT. However, if the price rises, it could even break the potential resistance level of 8500 SAT and above.

ETHBTC – Daily Chart

On the contrary, if the bears bring the price below the lower boundary of the channel, 6000 SAT support may come to play. Any further bearish movement could roll the coin to the critical support at 5500 SAT and below while the Relative Strength Index (14) remains below the 40-level, suggesting bearish signals.

Tamadoge, an ERC-20 token, will also have its initial DEX offering (IDO) on Uniswap. TAMA is set to list at $0.03. As the Tamadoge presale sold out earlier than expected, the team is reportedly moving forward with all TAMA crypto exchange listings to take place in the coming days.

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