- Ethereum price prediction expects a rise above $1850.
- Strong support currently lies at the $1770 mark.
- Strong resistance currently lies the $1800 mark.
- Institutional investors are now pouring in on Ethereum.
After establishing its all-time high at $1,958 in February, Ethereum tried to cross the all-time high level in March but started a descent after failing to cross the resistance level. In the 24-hour movement, Ethereum has been moving downwards. The cryptocurrency started the day with its 24-hour high at $1,848 and moved towards the 24-hour low of $1,735. Afterwards, Ethereum began an upwards move and is trading hands for $1,798 apiece at the time of writing.
The market sentiment for Ethereum is bullish as a majority of the technical indicators are giving out a buy signal. Of the total 26 technical indicators, 10 stand at neutral position. 14 of the indicators are giving out a signal of buy while two are standing at sell.
Ethereum price prediction: What to expect?
Analyst Vince Prince has identified a potential bear flag formation in his Ethereum price prediction. Per the analyst, the cryptocurrency is operating in an ascending channel formation, and the lower boundary of the channel is acting as an indication of the bear flag formation. Ethereum is observed to be moving towards the lower boundary, and a fall from the channel will confirm the bear flag formation.
Ethereum is also under the development of the formation of a wave count. After completing wave A and B of the wave count, the final wave C’s completion can lead the cryptocurrency to confirm a bear flag’s formation.
Prince has identified wave C to lie parallel at the price level of $1652. Ethereum will fail to hold a key support level if it falls to $1652, but the lower support that lies at the price level is likely to be held by Ethereum. The cryptocurrency has been facing increased bearish pressures, and the analyst warns that they are not to be ignored. Prince also suggests that the confirmation of the bear flag is a likely scenario given the bearish performance of Ethereum. However, Prince expects Ethereum to pick up bullish momentum once it has stabilized in the lower support level.
Analyst Saturn Indice has identified a head and shoulder formation in his Ethereum price prediction. Per the analyst, the formation had started developing since the second week of March. Ethereum has completed the left shoulder and head while a part of the right shoulder remains. On the downward trend, the cryptocurrency is expected to cross the price level of $1740 – the head and shoulder formation’s neckline. The bearish figure is indicative of the strong bearish pressures on cryptocurrency.
Meitu, institution factor in on Ethereum price action
Amidst increased institutional interest in cryptocurrencies, Ethereum is not lagging at all. The Hong Kong-based tech company – Meitu – which has recently entered the cryptocurrency investment space, bought 16,000 Ethereum coins worth $28 million. The current investor movement is signaling positive Ethereum price predictions.
The company now owns Ethereum worth around $50 million. After Meitu, other institutions are expected to follow suit in the East and invest in cryptocurrencies. With the Ethereum ETH2.0 upgrade, the shift from Proof of Work to Proof of Stake mechanism is expected to boost the demand for Ethereum.