TL;DR Breakdown
- Ethereum price prediction shows ETH is being subjected to resistance around the midline of an ascending parallel channel.
- According to the ETH Momentum Reversal technical indicator (MRI), ETH could soon be in for a price correction.
- Presently, Ethereum’s on-chain metrics paint a good picture, indicating a 20 percent price surge towards the $2,500 mark.
At present, ETH is facing a make it or break it moment as it continues to draw an ascending parallel pattern.
Ethereum Price Prediction: General price overview
For the past few months, ETH price has recorded higher highs and higher lows on its daily 24-hour chart. Such price movements illustrate the formation of an ascending parallel pattern, especially when the trend lines connect the swing points. While the ascending parallel channel paints a bearish picture, Ethereum’s smart contract platform in charge of highlighting bull runs shows that ETH is on an ascending trend. At the time of writing, Ethereum is encountering resistance from the current midline around the $2,100 region.
If Ethereum manages to close the day above the $2,100 region, it might trigger a 25 percent bull run that might push the crypto coin towards the 141 percent Fibo extension level. This is around the $2,600 region. While the current situation presents a bullish outlook, Ethereum still needs buyers’ assistance to push it past the supply barrier that currently stands around the $2,400 region. The current supply barrier incidentally coincides with the 127 percent Fibo extension level.
Ethereum price movement in the past 24 hours
According to Ethereum’s 24-hour chart, the crypto coin is witnessing a refreshing price movement after starting the day’s trading at $1,930.9. Ethereum is exchanging hands at around $2,093 with a bullish outlook at the time of writing. Throughout the day, Ethereum has been trading above the 9 and 21-day moving averages. On the other hand, Ethereum appears to be forming a new support line above the $1,910 mark, a line that is expected to be a significant stepping stone for Ethereum if it is to record a new ATH past the $2,105 resistance level.
Ethereum 4-hour chart
According to Ethereum’s 4-hour chart, the crypto coin hovers around the $2,070 region, with signs of surging upwards. This is good news for the crypto asset as a dip past this mark will mean Ethereum could forfeit its expected bull run poised to push it past its first significant resistance level at the $2,200 mark.
Despite this fact, the bulls’ support will be required for ETH to breakout from the 2nd of April’s high of $2,145. If ETH manages to attract a bull run past the $2,140 mark, the crypto asset will likely test the $2,400 resistance level before recording any price correction. At present, Ethereum is on the verge of creating a new support line if it fails to fall under the $2,070 region. The new support line is likely to be in the $2,005 region.
Conclusion
According to the current ETH market, Ethereum shows signs of further upwards rallying as its price continues to test significant resistance levels. As more buyers continue to buy Ethereum coins, holders of the tokens stand to benefit as the price shows signs of bypassing the $2,080 mark. Just 3 months ago, Ethereum (ETH) price enjoyed strong bull activity as the price continued its climb above the $1,000 level.
The managing partner of Moonrool Capital Fund, Simon Dedich had earlier predicted that Ethereum price could hit $3,000. According to Liteforex’s detailed analysis of Ethereum price prediction for 2021, the price could go as low as $500 and as high as $2,400. But it is likely to finish the year between $1,600 to $2,400. True to form, ETH might still wear the crown of the foremost cryptocurrency one of these days.
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.
