TL;DR Breakdown
- Ethereum price prediction expects a rise to $1500.
- Strong resistance currently lies at the $1400 mark.
- Strong support currently lies at the $1340 mark.
The queen of cryptocurrencies has picked up bullish momentum even with the king of the market remaining stagnant. Ethereum established a new all-time high at around $1,435. In the 24-hour price action, the high was at $1,435 while the low was $1,255 at the beginning of the day. Ethereum suffered rejections at the $1,400 price level and stabilized in the $1,300 range. At the time of writing, Ethereum is trading hands $1,350 apiece.
The market sentiment for Ethereum is highly bullish as 17 of the total 28 technical indicators stand at a buy position. Regarding the others, seven are neutral indications, while four are sell indications. Six of the oscillators are neutral while two stand at the buy position and three at the sell position. 15 of the moving averages are giving out buy signals, whereas neutral and sell stand at one indication each.
Ethereum price prediction: What to expect?
Analyst Stargazer FX has identified the cryptocurrency in an ascending channel formation in his Ethereum price prediction. The analyst is hopeful for Ethereum and has set optimistic price targets. The analyst’s first price target lies at the all-time high of $1,439, followed by another price target of $1,542. Per the analyst, remaining in the ascending channel is important for Ethereum, especially holding the lower boundary as support, to reach the price targets.
The analyst has also identified an important support structure at the lower boundary. Per the analyst, Ethereum is going to suffer from pullbacks but inside the channel formation. The analyst explains in his Ethereum price prediction that achieving the price targets will be more likely if Ethereum can hold the support structure during the pullbacks.
Analyst Bull Rider has pointed out the cryptocurrency is following its historical price action in his Ethereum price prediction. Per the analyst, Ethereum’s current price movements are similar to those in November 2020. In that case, Ethereum can be expected to spiral downwards on a wave count to test the 0.25 Fibonacci level, which lies parallel to the price level of $1,250.
The Fibonacci level will be tested as support, and if held, Ethereum will embark on an upward trajectory. The analyst believes a successful bounce to $1,440 will push the cryptocurrency upwards to above $1,500; however, the support line’s retest is still likely.
Bitcoin volatility helping Ethereum
The king of cryptocurrencies suffered from a major pullback after establishing the new all-time high at $42,000. The king’s suffering has brought the queen of cryptocurrencies under the spotlight as investors started looking beyond Bitcoin. Bitcoin is becoming highly risky as analysts state if the cryptocurrency cannot reach its all-time high again, further pullbacks will become imminent. This has led to Ethereum being dubbed as a better option as the cryptocurrency achieved its new all-time high of $1,430 despite Bitcoin’s bearish momentum dominating the market.
Etherem’s ETH 2.0 update has also driven up the excitement for the cryptocurrency as the update looks promising as regards decentralised finance. Ethereum is up by almost 90 percent while Bitcoin was only able to achieve a growth of 27 percent. Given the star price differences, Ethereum has been regarded to have more growth potential comparatively.
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