- Ethereum price is up 10% over the last two days hitting record new record highs at $4,700.
- Ethereum price prediction is bullish for the long-term as ‘hodlers’ aim for $5K.
- The RSI displays a negative divergence which is an indication that ETH price might correct temporarily before resuming the uptrend.
The Ethereum price has risen 10% from $4,286 on Monday to a refreshed all-time high (ATH) around $4,700 on
However, the negative divergence displayed by the RSI is an indication that the bears are determined to push ETH price downwards. Therefore, if ETH/USD slides below the immediate support provided by the $4,300 psychological level, the price of the largest altcoin by market value may drop to tag the $4,224 support wall or the lower boundary of the rising channel at $4,180. The downward movement of the RSI validates this bearish narrative.
Therefore, ETH may take a breather at the $4,180 support level before resuming the uptrend to discover new record highs.
Immense selling pressure could see the Ethereum price lose the aforementioned support. If this happens, ETH will drop below the lower boundary of the prevailing chart pattern to tag the $3,900 support zone or the moving averages below it.
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