Ethereum Price Prediction as ETH Sits on Long Term $1,800 Support – When is the Next Leg Up?
The Ethereum price has slipped by 0.3% in the past 24 hours, while keeping to the $1,800 support level it has held for several months now.
At $1,834, ETH is down by 2.5% in a week, following legal actions from the SEC that have served to depress pretty much the entire cryptocurrency market.
Despite its falls, the altcoin remains up by 53% since the start of the year, with its introduction of staking withdrawals and general development helping it to become one of the best-performing major cryptocurrencies in recent months.
And with the cryptocurrency holding to its support, the next few months could see it rise higher.
ETH's chart suggests that it's nearing a point where, after the shocks of the past week, it will be ready to rise yet again.
In particular, its relative strength index (purple) has returned to the 50 level, several days after dropping close to 20, where it had been decidedly oversold.
ETH's 30-day moving average (yellow) is also falling towards its 200-day (blue), and when it drops below the longer-term average and reaches a bottom, the altcoin will be due a rebound.
This point may not be too far into the future, given that Ethereum's support level (green) has held to its long-term level of c. $1,800 and now appears to be rising a little.
As such, ETH may not fall much further than it has done this past week, and to be completely fair, its prospects currently look much better than those for numerous other layer-one utility tokens.
That's because more than 10 such cryptocurrencies -- including Solana, Cardano and Cosmos -- were cited as securities in the SEC's charges against both Binance and Coinbase.
In other words, coins such as ADA, SOL and ATOM may find themselves being delisted from various (US-facing)
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