- Bullish Ethereum price prediction takes hold of ETH/USD above $1,680
- Significant breakout in the works as bulls pile up buying momentum
- Most on-chain metrics and technical indicators support the bullish viewpoint
- Ether Futures launch on CME will guide the trade next week
The past month has changed the way Ethereum is viewed in the crypto realm. With a gain of almost 130 percent in just five weeks, Ethereum has shown the way for other altcoins. Ethereum price is trading near the Bollinger Bands’ upper trendline and is trying to break out to touch $1,700 once again.
Today the price opened with a decadent green candle and went on to touch $1,745 high. The bulls have broken a massive resistance wall at $1,750 only to correct lower later in the day. At the time of writing, bullish Ethereum price prediction is ruling the charts, with the price hovering near $1,690. The buyers are repeatedly trying to break beyond the upper Bollinger Band while maintaining the price above the symmetrical triangle.
Ethereum traders and investors are breathing a sigh of relief for the past few weeks because earlier, the ETH/USD was underperforming compared to other altcoins. The sharp price increase can be attributed to successful DeFi projects and the ETH 2.0 developments. The smart contracts giant is heading towards fresh new highs as traders anticipate further uptrend on strong technical indicators.
Ethereum price movement in the last 24 hours – Sharp uptick leads to minor consolidation
Yesterday, the price touched a high of $1,764 and encouraged the bulls to penetrate higher resistances. Some profit booking has caused the price to slip below $1,700. However, the volume figures suggest that the bulls will likely have another go at fresh new highs after the muted weekend trading ends. Throughout this week, Ethereum price has rallied on the back of strong buying momentum.
The ETH/USD pair consistently posted fresh new highs after breaking above the bearish asymmetrical triangle. Ether price had a mixed start, but soon a green candle engulfed the hourly charts. The daily support levels are rising following the new highs every day. The pair steered clear of the $1,698 support to touch the $1,745 level only to retreat below $1,690 support later in the day.
The buyers are now targeting $1,761 resistance using the $1,698 support as a pivot point. The zone has turned into an accumulation zone for the next move higher. Another pullback will only fuel more buying frenzy, which can intensify over the weekend. Most of the intermittent resistance levels have been left untested. Traders should watch out for any sharp moves due to thin trading activity.
ETH/USD 4-hour chart – Bulls all set to restart the uptrend
There is hardly any doubt that the current correction will turn into a consolidation or accumulation zone. Ethereum price prediction is certainly bathing in bullish overtones, and every correction lower is seen as an opportunity to buy. The price will push towards the next all-time high of $1,800 after breaking above the $1,761 resistance. The 1.618 Fibonacci resistance at $1,850 will be the next logical target. However, the buying momentum can face stiff resistance at $1,960, representing the 1.272 Fibonacci retracements of the current uptrend.
Looking ahead, the technical indicators on the hourly charts do have a fair amount of space above for the price to rise. The 1.414 Fibonacci retracement is the highest target in the charts currently, and the price can touch $2,060 level if this wall is taken down. The RSI stands at 62, and the MACD is struggling to avoid a bearish crossover.
On the other side, the Ethereum price prediction shows there’s ample support at $1,700. Furthermore, the pair will find support at $1,476, which represents the .236 Fibonacci level, if the selling rally intensifies.
Ethereum price prediction conclusion: $1,700 to act as long-term support
Ethereum price is all set to touch new peaks as resistances turn into supports. The pivotal $1,700 level is now acting as an inflection point in Ethereum price prediction. The next significant resistance lies at $1,761 and then at $1,791. Barring an extended selloff, the broader positive crypto market sentiment will fuel the bullish Ethereum price prediction.
On the hourly charts, the $1,800 resistance will cap any upside resulting in another consolidation phase. The $1,691 pivot level will prevent any sharp selloff. Large institutional buying at lower levels will further help prop up the ETH/USD pair and also the bullish Ethereum price prediction.
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