Ethereum price finds support around the $1,861 level, suggesting a recovery on the cards.
Eth price pridiction..
Ethereum eyes a recovery if the $1,861 level holds
Ethereum price retested and found support around its daily level of $1,861 for the last two weeks, and it recovered nearly 7% last week. ETH continued its recovery on Monday and closed above $2,081. However, it faced a mild decline on Tuesday. At the time of writing on Wednesday, it hovers around $2,056.
If the daily support around $1,861 holds, the ETH price could extend the recovery to retest its March 7 high of $2,258.
The RSI on the daily chart reads 39, facing rejection from its neutral level of 50 on Monday, indicating bearish momentum. However, the RSI must move above its neutral level of 50 for the recovery rally to be sustained. The MACD indicator showed a bullish crossover on the daily chart last week, giving a buy signal and suggesting a bullish trend ahead. Additionally, it shows rising green histogram levels above its neutral level of zero, indicating strength in upward momentum.
Conversely, if ETH breaks and closes below the daily support at $1,861, it could extend the decline to retest the next support level at $1,700.