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Over $7 billion has been taken out of Tether, prompting further concerns about the stablecoin's support
Ethereum price prediction may rise to $3500 as a result of the rebound over $3200, which may help to minimize any incoming pressure.
There is a lot of uncertainty about what will happen with ETH/USD, but it is hovering above $3100. The market hasn't been able to give in to the selling that took place this morning when the price was below $3000. If you look at the chart, Ethereum (ETH) is moving toward the 9-day and 21-day moving averages. As long as the bulls don't keep the price above $3200 and support at the lower end of a channel is broken, it's very likely that bearish momentum will start in the short term.
Ethereum Price Prediction: Is Ethereum (ETH) going to go up?
The price of Ethereum may need to break above the 9-day and 21-day moving averages before it can start going up again. It may also break below $3100 before it can go up again. There will be very strong support at $2800, and then there will be support at $2600, if the sellers keep going down. If the bears keep going down, more support may be found at $2400, $2200, and $2000. If the bears keep going down, more support may be found at those prices.
It also stands to reason that if the buyers regroup and come back up from $3100, the first level of resistance might be found at $3500. This could lead to the market hitting the possible resistance levels of $3800, $4000, and $4200. At the same time, the Relative Strength Index (14), which shows how bullish the market is, moves above 50 to show that it's moving in the right direction. Even if the technical indicator drops below this level, the price of Ethereum might go down to the right.
When you compare the price of Ethereum to the price of Bitcoin, it doesn't move much. The price of the coin is at 7535 SAT, and the bulls couldn't push the price up. It's also possible that the price could fall below the 9-day and 21-day moving averages. The next important support could be found at 6800 SAT and below.
The Relative Strength Index (14), which measures the strength of the market, is still above the 60 level, which means that the market could move sideways for a while. However, a possible bullish movement could push the market above the upper boundary. A break above this barrier could allow ETH to reach a high of 8400 SAT and above.
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