TL;DR Breakdown
- Ethereum price prediction expects a rise to $2000.
- Strong resistance is found at the $1820 mark.
- Strong support is found at the $1710 mark.
- EIP1559 upgrade is likely to push the price to $2000.
The queen of cryptocurrencies is following the king and has established an upward trajectory. Ethereum has set a record high of around $1,800. In the daily timeframe, the cryptocurrencies price saw a change of $114. The 24-hour high for Ethereum was $1,824 while the 24-hour low was at $1,710. At the time of writing, Ethereum is trading hands $1,785 apiece.
Out of the 26 technical indicators for the cryptocurrency, 17 stand at a buyer’s position, eight are neutral with one indication of sell. Seven oscillators give out a neutral signal with three buy signals and only one sell signal. 14 of the moving averages are giving out a buy signal with one neutral indication and zero sell indications.
Ethereum price prediction: What to expect?
Analyst Vince Prince has set a price target of $2,000 for the cryptocurrency in his Ethereum price prediction. Per the analyst, Ethereum has been operating between two nearly-horizontal channels, but the cryptocurrency broke out of the channel to the upside as Tesla fueled the cryptocurrency market’s bull run with heavy investments. The upper boundary of the channel is now acting as a strong support level for Ethereum.
The upper boundary of the previous formation has now turned into the lower boundary of the broadening wedge formation’s protraction with the horizontal line at $2,000 acting as the upper boundary and strong resistance level. Per the Ethereum price prediction, ETH is set to break out from the bullish formation at $2,000. The analyst is expecting Ethereum to attain the $2,000 price level. Per the analyst, the coming price actions of the cryptocurrency will prove crucial since there is a possibility of strong corrections.
Analyst FX Professor, too, has identified the price level of $2,000 as the next target for the cryptocurrency in his Ethereum price prediction. With an ascending support line, the analyst is expecting Ethereum to hike to the price level of $2,000 without any hiccups. However, the analyst is also expecting the $2,000 price level to be a major resistance level. Per the analyst, Ethereum is likely to be rejected at the price level and a sharp decline in the cryptocurrency can occur when this happens. Hence, the analyst suggests a long position currently and a short position when Ethereum reaches $2,000.
Ethereum upgrade to push price
Ethereum has the potential to become the next big cryptocurrency; however, with a high transaction cost, it is beyond the reach of the average traders. An Ethereum Improvement Proposal, EIP1559, has been in the works that will tackle the issue of the high transaction cost of the cryptocurrency. The report has proposed a gas-burning mechanism through which the transaction fee will accrue to users.
This burning mechanism can drive the price of Ethereum to as high as $20,000. The mechanism will drive up the price of Ethereum by limiting the supply of the cryptocurrency once the new Proof of Stake mechanism is integrated into the network. The improvements in the Ethereum network are scheduled to be completed by the end of the year.
