- Ethereum price prediction shows the number 2 cryptocurrency recorded a 12 percent upsurge at the start of business.
- ETH signals a price surge towards the $2000 mark after settling above the descending triangle pattern.
- Ethereum has to settle above the 50 Simple Moving Average (SMA) to secure the predicted upsurge.
During today’s trading, ETH has managed to hold firmly above the support line at the $1700 mark, putting a stop to the correction from last week’s surge that saw the crypto coin move towards the $1940 region.
Ethereum Price Prediction: General price overview
At present, Ethereum has to thank the buyer congestion presently at the $1700 region for saving it from the bearish outlook that had started forming. If the bearish leg could have caught momentum, Ethereum could have been in the process of recording losses that could have pushed the crypto coin towards the $1400 mark.
During today’s trading, Ether was on the verge of going to a full-blown price decline. Luckily, a recovery happened, thanks to the bulls’ intervention focusing on pushing ETH above the $2000 mark.
Ethereum price movement in the past 24 hours
According to Ethereum’s 24-hour chart, a descending triangle is in the process of taking shape, prompting the reversal of the bullish outlook. At present, the pattern mainly paints a bearish outlook. However, the pattern also paints a few instances of a potential bullish outlook.
Due to the recent surge that saw Ether break above the upper trendline, the number 2 cryptocurrency is roaming around the $1800 region. At present, all hopes are on Ethereum to bypass the $2000 mark. For this to happen, ETH must hold above the immediate 50 Simple Moving Average (SMA) support.
Ethereum 4-hour chart
On Ethereum’s 4-hour chart, the Moving Average Convergence Divergence (MACD) indicator paints a bullish picture. The MACD indicator is essential as it follows the value of a crypto coin and calculated its momentum. It paints a bullish picture whenever the MACD blue line slices above the middle line. A coin is usually projected to be bullish when the Moving Average Convergence Divergence (MACD) indicator settles above the mean area, especially from the negative region.
It is also worth noting that there is a likely hood of ETH failing to bypass the $2000 mark if the 50 Simple Moving Average fails to hold in the near-term. The market will witness a massive price depreciation if Ethereum moves substantially under the $1800 region. If this happens, Ethereum will rely on its 100 Simple Moving Average for support at the $1700 line.
The future of ETH appears bright mainly due to the recent launch of the listed Ether futures. Due to this update, the crypto market should be ready to see convectional financial institutions such as asset managers join the Ethereum space along with virtual currencies. With the demand for the number 2 crypto growing, Ethereum’s futures contract will come in handy in ensuring those protecting their online presence, such as miners and lenders, get the privacy they need.
Ethereum’s futures contract performance promises to be a valuable store of value and integral blockchain technology in the coming weeks. This development is sure to have a positive impact on ETH.
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.