200-day EMA Remains the Level to Watch
Ethereum price has pulled back from Tuesday’s high as fear remains the key emotion driving the crypto market. The crypto fear & greed index has exhibited extreme fear for the second session in a row. the current reading of 24 signals a higher level of fear compared o last week’s fear level of 27.
Ethereum price prediction
After hitting an intraday high of 3,898.67 on Tuesday, ETH pulled back to a low of 3,766.78 earlier on Wednesday. It has since bounced off the intraday low to its current 3,813.04.
Ethereum price is hovering around the crucial level of 3,800. On a four-hour chart, it is trading along the 50-day EMA and slightly above the 25-day EMA. However, it is still below the long-term 200-day EMA.
In the near term, I expect the crypto to record some gains. However, fear among investors will likely curb its upward potential. From this perspective, Ethereum price may continue to find support along the 25-day EMA at 3,791.73 while experiencing resistance at 3,902.24. It will likely remain below the psychological level of 4,000 in the short term.
A move above the aforementioned level will place the next target along the 200-day EMA at 3,969.97. On the flip side, a decline past the current support level may have the bears retesting the lower levels of 3,677.66 or 3,602.80.
