TL;DR Breakdown
- Ethereum price currently above the $900 mark
- The bullish momentum exhausts as ETH becomes overbought
- Price to continue rising above towards the $1,000 mark.
- ETH may soon record a new all-time high.
Ethereum (ETH), the queen of cryptocurrencies, has joined the year 2021 with a robust sense as it begins to climb up the ladder to reach its once highest point of $1,359 in 2018.
Ethereum price overview
Since climbing to its all-time high at $1,359, ETH has plummeted to $75 and has remained relatively low until recently in the second half of 2020. Continuing this trend into the beginning of 2021, ETH’s price surged past the $900 mark while currently resting at $910.
Ethereum price across the last ten days
Ethereum price ended December on a high note with strong bullish momentum carrying the price to the $750 level, where it consolidated until January 2, 2021. Across the last ten days of December, Ethereum price first declined to the $550 level where it found strong support enabling the price to initiate a strong bullish rally.
The rally enabled ETH to rise to the $750 mark where it closed the year. ETH stayed glued to the mark until yesterday when it crossed above $775, with the bullish momentum growing stronger.
In the past 24 hours, ETH has followed the trend of its counterpart royal cryptocurrency BTC and has generally been increasing in the new year. Its lowest point remains at $716, whereas the highest price it reached was $978 before shortly returning to its current price of $920. This is almost a 23% increase within a day, with strong bullish momentum marking the charts.
Technical indicators
Nineteen out of twenty-eight of the major technical indicators suggest buying, while seven remain neutral and only two to sell. The oscillators mainly show to remain neutral, whereas the moving averages suggest a strong buy.
The MACD shows an increase in bullish momentum as the two EMAs continue to diverge further. The indicator suggests that the markets are still under bullish dominance, and the price can be expected to continue rising further above.
The RSI indicates an oversold ETH and suggests that the Ethereum price needs to observe a correction before it can continue rising further.
Meanwhile, the Bollinger bands have started expanding and continue expanding to facilitate the high volatility of ETH in recent days. The bands suggest that Ethereum price volatility will remain high in the short-term.
Ethereum price prediction: What to expect?
Traders should expect Ethereum to continue rising towards the $1,000 price level, albeit with a brief correction to the $850 mark. Ethereum currently faces bearish pressure in crossing the $950 level. If the price consolidates above the $900 level, Ethereum can be expected to cross the $1,00 mark climbing towards its all-time high of $1,359.
Across the weekly frames, Ethereum has broken above the ascending channel it has been trading in since the start of October. As such Ethereum may be expected to retrace before rising again. Ethereum price may fall to the $800 level before rising again.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
