- Ethereum price prediction remains extremely bullish as ETH/USD touches $2,402.
- Fresh all-time highs are no deterrent as bulls poised to push prices higher.
- Long-term analysts are targeting $3,000 range as ETH 2.0 chatter increases.
- Berlin hard fork will lead to a reduction in gas prices, which are ETH positive.
Ethereum price has touched fresh new all-time highs at $2,402 in a staggering show of bullish strength. Over the past 24 hours, the price has risen from $2,164 to reach $2,402. Still, the price is hung near the Bollinger Bands’ top end and refuses to come down to the middle price range. The overstretched bands also reflect an ultra-bullish price action in the play.
The momentum from the $2,000 peak has been relentless. The price has surged from $2,000 in a parabolic uptrend in the last three days alone. What was earlier just a gradual grind upwards has now turned into a massive uptrend with little relief for the bears on the way. The sellers have been squeezed out of the market and waiting for the uptrend to show signs of distress.
As Ethereum price rose to an all-time high, the enthusiasm about ETH 2.0 is also reaching its peak. The entire community has high expectations since the upgrade promises massive changes to the ETH ecosystem’s efficiency, processes, and operations. The Berlin hard fork due on Wednesday will reduce high gas prices and is responsible for the current surge.
Ethereum price movement in the last 24 hours: ETH explodes upwards with massive volumes
As the ETH/USD pair moves up in a parabolic fashion, the price defies most technical resistances according to Ethereum price prediction. A range of fundamental and technical factors are responsible for this surge in prices. The latest Berlin hard fork will help in reducing the high gas prices. Ethereum network has been facing criticism from all corners for exceptionally high gas prices for various transactions. Therefore, the Berlin hard fork is seen as a positive milestone in the ETH journey.
The sharp rise in the last 24 hours has taken the total market cap of ETH to $274 billion. Though it is still far off from market leader Bitcoin, the feat is impressive, especially considering this year’s massive rise in prices. For the past few weeks, most bullish Ethereum price predictions have been proven true as the bullish momentum underneath the price has been relatively strong.
The 50-day moving average at $1,124 is providing ample support to the bulls. It is located near the middle of the current Bollinger Bands range and will set new support pivot points. The 9-day exponential moving average at $2,287 is trading under the price giving further impetus to the bulls. As per Ethereum price prediction studies, the ETH/USD pair will touch $2,500 if the exuberance regarding Berlin hard fork continues.
ETH/USD 4-hour chart: Massive green candlesticks drive prices higher
There is nothing but substantial green candles and overstretched Bollinger Bands on the hourly charts. The rise of ETH/USD is well reflected in the price’s meteoric increase in the last two days alone. The price is now just under the psychologically important $2,500 level. The rising wedge pattern is further supporting the bullish Ethereum price prediction. The same pattern is in line with the symmetrical triangle pattern currently in an increasing slope. In Ethereum price prediction studies, every indicator is deep in the bullish territory post the colossal breakout.
Both the 25-day and 50-day simple moving averages are supporting the upward trend. The RSI is at 81, and the MACD indicator is showing a vast crossover with an upward slope. So, it is just a matter of time to reach the $2,500 level. When the $2,500 level is achieved, the investors must focus on the $3,000 as the next target.
Ethereum price prediction conclusion: $2,500 is only a matter of time
The bulls are undertaking aggressive buying on the back of heavy volumes. Ethereum price is also rising in anticipation of the Berlin update and, ultimately, the ETH 2.0 upgrade. According to Ethereum price prediction, the price will most likely consolidate near current high levels and hover near $2,300 before moving higher.
The next target is $2,500, and the bulls will leave no stone unturned to achieve the same. On the downside, the bears will have to muster massive selling to take the price below the $2,140 support level.
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