- Ethereum price seems primed to rebound.
- The MRI indicator has turned bullish.
- A spike in buying pressure could see ETH rise to $2,800.
Ethereum price has flashed a buy signal on its daily chart, which could have the strength to lead to a 15% upswing.
Ethereum price hints at a reversal
Ethereum price seems to be following Bitcoin as it has depreciated roughly 25% since May 19. However, the Momentum Reversal Indicator (MRI) recently flashed a buy signal in the form of a green 'one' candlestick on the daily chart.
The bullish setup forecasts a one to four candlestick upswing before the downtrend resumes. Interestingly enough, the MRI's buy signal comes when ETH trades in the demand zone ranging from $2,106 to $2,397.
A decisive close above $2,400 will confirm the optimistic scenario. Further buying pressure around this level could propel the Ethereum price by 15% to tag the 50-day moving average at $2,789.
If the bid orders continue to pile up, Ethereum price might rise another 7% to tag the swing high formed on May 20 at $3,000. Other critical resistance areas include $3,117 and $3,442.
ETH/USD 1-day chart
On the flip side, Ethereum price will put an end to the optimistic narrative if it slices through $2,098, producing a daily candlestick close below. In that case, ETH could kick-start an 11% sell-off to $1,850.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
ZKsync suffers security breach; hackers steal $5 million worth of ZK tokens
ZKsync (ZK), an Ethereum layer-2 scaling solution, reported on Tuesday that its admin wallet had been compromised. The hacker then minted 111 million unclaimed ZK tokens worth $5 million. The ZK token price dipped nearly 19% and closed at a 5% loss that day.
Ripple Price Prediction: Exchange inflows surge as XRP slides, what comes next?
Ripple (XRP) corrected along with other major digital assets, including Bitcoin (BTC) and Ethereum (ETH), and traded at $2.08 at the time of writing on Wednesday. The drawdown cut across the crypto market, causing the total capitalization to drop 3.2% to $2.736 trillion.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC struggles for a breakout while ETH and XRP extend losses
Bitcoin (BTC) price is stabilizing around $83,500 on Wednesday after it faced multiple rejections around its 200-day EMA at $85,000; a breakout indicates a bullish trend. Ethereum (ETH) and Ripple (XRP) extended their losses after facing resistance around their key levels.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC struggles for a breakout while ETH and XRP extend losses
Bitcoin (BTC) price is stabilizing around $83,500 on Wednesday after it faced multiple rejections around its 200-day EMA at $85,000; a breakout indicates a bullish trend. Ethereum (ETH) and Ripple (XRP) extended their losses after facing resistance around their key levels.
Bitcoin Weekly Forecast: Market uncertainty lingers, Trump’s 90-day tariff pause sparks modest recovery
Bitcoin (BTC) price extends recovery to around $82,500 on Friday after dumping to a new year-to-date low of $74,508 to start the week. Market uncertainty remains high, leading to a massive shakeout, with total liquidations hitting $2.18 billion across crypto markets.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.