Ethereum price prediction: ETH can hit $1700, analyst

TL;DR Breakdown

• Ethereum price prediction expects a sway, likely upward.
• Strong resistance lies at the $1400 mark.
• Strong support lies at the $13600 mark.

The queen of cryptocurrencies has been gaining popularity recently – even more so than the king himself. Ethereum has been going uphill and the future of cryptocurrency may be very interesting. The 24-hour low for the cryptocurrency was $1,274 while the 24-hour high was $1,409. Ethereum could not sustain its price level above $1,400 as the level is acting as strong resistance. At the time of writing, Ethereum stands at $1,388. 

16 of the 26 technical indicators for Ethereum are giving out a signal of buy while nine indicators are neutral with one sell indication. Eight of the oscillators stand at neutral position, two stands at buyers’ position while one stand ate sellers’ position. 14 of the moving averages are at buy indication with one neutral indication and zero sell indications. 

Ethereum price prediction: What to expect?

Analyst Global Health Wealth has pointed out a rising wedge pattern in their Ethereum price prediction. The formation is bearish in nature; hence, the analyst is expecting future bearish momentum from Ethereum. The bearish scenario is further strengthened by the Relative Strength Index (RSI). The RSI has been following a descending trend line since the beginning of January. Per the analyst, it is a clear indication of future bearish divergence even though the cryptocurrency is bullish in the short-term.

However, as the cryptocurrency market is unpredictable, the analyst states that a break out from the rising wedge formation to the upside or the downside is equally likely. If the bearish pressures suggested by the technical indicators take hold, the analyst expects Ethereum to have a sharp fall. The fall is likely to lead to Ethereum stabilizing on a lower ascending trend line around the price range of $730. However, the analyst predicts an upward breakout to lead to Ethereum smashing the strong psychological resistance at $2,000.

Analyst Jure Krasovic has pointed out an ascending triangle formation in his Ethereum price prediction. Per the analyst, the triangle has been under works since December of 2020. The triangle has a horizontal resistance at $1,438. Per the analyst Ethereum price prediction, the cryptocurrency has been establishing higher highs and lower lows, indicating bearish pressures. After a minor false break out to the downside, Ethereum resumed its upward trajectory; hence, the analyst expects a break out towards the upside from Ethereum.

Grayscale taking interest in Ethereum

Grayscale Investments, the digital asset management firm, offers numerous cryptocurrency trusts to investors who are interested in trading cryptocurrencies but do not want the hassle of storing and buying cryptocurrencies. The trusts make investments in cryptocurrencies easier – hence boosting their value. The firm has previously closed six of its trusts – including that of Ethereum in December of 2020. However, it restarted its Ethereum trust and a few others that are linked to Decentralized Finance because of the gaining popularity of DeFi. Ethereum’s trust is now open to accredited investors of the firm. The private placements are provided on a cyclical method during the year. The trust can likely increase the investment in Ethereum.