- Ethereum price prediction of $500 came true today as ETH/USD hit $511
- Ethereum bulls are building up the hype before the ETH 2.0 launch
- ETH/USD faces selling pressure near $510, and technical indicators are heating up
The long-awaited $500 Ethereum price prediction is finally here
Ethereum price prediction of $500 has finally materialized as ETH/USD crosses the crucial psychological resistance. The pair now trades at fresh 2020 highs of $511 after struggling to cross the $491 resistance on the hourly charts. Both ETH hash rate and daily transactions have increased compared to 2019. Additionally, technical indicators are all pointing towards a further uptrend as the pair crosses the 200-day EMA.
Ethereum now boasts of $53.86 billion worth of market capitalization. In the last 24 hours, ETH/USD experienced $3.53 billion worth in trading volume. The second-largest cryptocurrency is on an upswing immediately following Bitcoin‘s new highs yesterday. As ETH 2.0 approaches near, ETH/USD chart reflects the Ethereum community’s optimism and rising to fresh annual highs.
Ethereum price movement in the last 4 hours – Sky is the limit past $500
Ethereum broke past the critical resistance level at $491 with enough volume to carry it to a new high of $411. The coin has been consolidating above $500 in a bid to close the day above the psychological mark. The price now trades near the upper end of the 3-month price channel.
The bears are regrouping to bring the pair below the $500 level and near the middle of the widening Bollinger Bands. An extended sell-off looks implausible this time around as the bears will have to push the price below $465 to make a sizeable dent in the current bullish Ethereum price prediction. Buyers would also be trying hard to close the day above $511 to target the next resistance at $528.
The RSI, MACD, and other technical indicators are showing signs of exhaustion on the hourly Ethereum price prediction. The bearish divergence on the hourly charts can cast dark clouds over the ETH/USD chart. On the longer timeframe, the RSI is printing lower lows. The only silver lining is a rising volume graph that shows buyers are emerging at lower levels post every significant drop.
ETH/BTC 4-hour chart – Ethereum touches new lows against Bitcoin
The ETH/BTC chart is going the opposite way as the pair just hit a new 4-month low against Bitcoin. As unfathomable as it may seem, the ETH/BTC pair moves in the exact opposite direction of the ETH/USD chart. Ethereum was already struggling to go past 0.030 BTC for the past few days. Now, the pair has touched the 0.0262 level, which is a fresh monthly low.
The bullish Ethereum price prediction has been facing challenges since early November. The failure to break past the 200-day EMA was the first sign of an oncoming bearish wave. Ethereum is unlikely to recover against Bitcoin if the ETH/USD pair continues its journey upwards. As the ETH 2.0 mania comes closer, the ETH/BTC pair will continue its gradual decline.
Sellers will face their first support near 0.0262 BTC. Underneath, there are more strong defenses at 0.0253 and 0.025 BTC. On the other hand, bulls will have to push past 0.027 BTC to stall the current decline. Further ahead, the February high of 0.0285 BTC poses a considerable challenge for the bulls. Technical indicators like RSI and Stochastic RSI are firmly in the bearish grip.
Ethereum long-term bullish trend still at play
The price surge that started a few days ago has culminated into fresh annual highs. The higher highs finally delivered a breakthrough past the resistance at $491. The ascending price channel of ETH/USD is a sign that bulls are not done yet.
When the price pierced through $500, the bulls faced selling pressure near $504. The large red candle shows how the pair met stiff resistance from the bears. However, the price was not dented much, and it was back on the upwards journey in a couple of hours. The push-pull was soon resolved as ETH/USD bulls decided to push it further towards $411. A similar resolve was seen when the price struggled to break past the $466 and $456 resistances.
Currently, the Ethereum price is trading above the Bollinger Bands and is sure to tone down. Minor profit booking can bring the pair down to $500 and within the Bollinger Bands. An extended consolidation can bring ETH/USD pair towards the $490 mark since an overbought RSI will reach equilibrium.
Ethereum price prediction conclusion – All eyes on ETH 2.0
Ethereum price prediction in the past three months has been relatively bullish. Today’s major breakaway shows how the pair has followed a long-term bullish trajectory with multiple minor corrections along the way. The healthy consolidation near $365 support has helped the pair ascend higher, as shown in the 100-day SMA movement.
Now, it is again time for the overstretched rally to correct and consolidate a little bit. The broadening wedge pattern has allowed for a suitable breakthrough that pushed the pair past the $500 mark. While the trend tilts fairly towards new highs, Ethereum faces resistance at $511. The trading volume and price movement are in a divergent mode, which doesn’t bode well for the bullish Ethereum price prediction.
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