TL;DR Breakdown
- Ethereum price prediction expects a rise to $1420.
- Strong resistance currently lies at the $1340 mark.
- Strong support currently lies at the $1260 mark.
- Charm automated network launch helps Ethereum breakout.
The queen of cryptocurrencies has picked up major bullish momentum as it broke the previous high of $1,285 established during the bull run during the beginning of 2021. Ethereum has broken norms and is currently on an upward trajectory when Bitcoin seems stagnant.
Ethereum started the day by establishing the 24-hour low of $1,185, but bullish pressures overtook and drove the cryptocurrency to its 24-hour high of $1,345. At the time of writing, Ethereum is trading hands for $1,314 apiece, and breaking the all-time high of $1,420 seems like a plausible possibility for the cryptocurrency.
The market sentiment for Ethereum is strongly bullish. Out of the 26 total technical indicators, 19 are buy signals with seven neutral and only two sell signals. Six of the oscillators are neutral, while three are at the buy position and two are at the sell position. Out of the 17 moving averages, 16 signify a buy indication with one neutral indication and zero sell indications.
Ethereum price prediction: What to expect?
Analyst Bullish has identified the cryptocurrency on an ascending trend line in their Ethereum price prediction. Per the analyst, Ethereum can likely break its all-time high of $1,420, and if that happens, the cryptocurrency can go to even higher levels. Ethereum will also pull alt-coins with itself if it goes up, and a bull run can be expected.
The analyst has also identified strong resistance at $1,352 in his Ethereum price prediction, this resistance can hinder Ethereum’s upside movement. If Ethereum is rejected at the resistance level, it can dive, but with various support levels along the way, the queen should stabilize quickly. The first level of support can be found at the 0.382 Fibonacci level, which parallels the price level of $1,079. The next support level lies at 0.618 Fibonacci level at the price level of $907.
In his Ethereum price prediction, Analyst Abel identified the target price of $1,413 for the cryptocurrency. Per the analyst, after breaking the strong resistance level at $1,225, Ethereum can break its all-time high, which seems to be the accurate play out at the time of writing. The analyst furthers that Ethereum appears to be following the earlier movements of Bitcoin, and if the analysis is validated, Ethereum can go as high as $20,000.
Charm mainnet launches on Ethereum
A decentralized options network – Charm – which currently only supports Ethereum has gone live on the mainnet. The platform is providing a new innovative way to trade Ethereum options contracts. Charm is an Automated Market Maker (AMM) that relies on algorithms to allow the automatic exchange of assets against the latest price. The price is set by demand and supply on the network with no outside manipulating factors. Moreover, users can also choose to trade the options before their expiry. The automated platform also does not have the limitations of a traditional order book.
Charm’s technology can revolutionize the cryptocurrency contracts market. Hours after the network went live, Ethereum exploded, breaking its previous resistance levels. However, Charm is an innovative and experimental technology without any regulations that are applied to traditional practitioners. Although all Ethereum price predictions are giving optimistic signals, the network itself has warned users not to invest more than they can afford to lose.
