- Ethereum price prediction expects a rise to $2000.
- Strong resistance is currently found at the $1840 mark.
- Strong support is currently found at the $1800 mark.
- ETH options worth $1.5 BN expected to jump up the price.
Following the king of cryptocurrencies closely, the queen too established its 24-hour high at the beginning of the day at a price level of $1,735, after which it steadily moved upwards. Ethereum peaked at $1,844, after which it began to move downwards. As of this writing, Ethereum stands at $1,824.
The market sentiment for Ethereum is strongly bullish. Out of the total 26 technical indicators, nine stand at neutral position and 17 stand at buy position with zero sell indications. The oscillators are mainly neutral, while the Moving Averages are giving out a strong buy indication.
Ethereum price prediction: What to expect?
Analyst Vince Prince has pointed out a massive triangle cluster formation in his Ethereum price prediction. Per the analyst, Ethereum is currently in an indecisive zone. The volatile price swings will continue in the upcoming days when the cryptocurrency reaches the end of the triangular cluster. Prince is anticipating the cryptocurrency will complete the wave series it has embarked on, and the completion of the wave count will result in some major decisive price actions.
Ethereum has developed the first two waves and is underway completing wave C, which lies at the formation’s lower frontier. The upper boundary of the formation is posing as a major resistance level for Ethereum. Completing the wave series at the lower boundary of the formation will determine whether the bulls overtake the market or the bears.
Analyst Amobrah is bullish on the cryptocurrency in his Ethereum price prediction. Per the analyst, the cryptocurrency is going to fall in the short-term, which will be a good buy opportunity. The price level of $1673 will be acting as strong support for Ethereum. Once consolidation begins, Ethereum will pick up the pace and start its trajectory upwards. Minor corrections can be expected from the cryptocurrency where it will retest support levels, but the analyst hopes Ethereum will pass and continue upwards.
The analyst has predicted his analysis in line with similar Relative Stock Index (RSI) movements in early February. The analyst has set an optimistic price target of $2250 to be achieved by Ethereum in April.
$1.5 BN ETH options to boost Ethereum price?
Cryptocurrency funds have been garnering increasing interest due to the performance of the market. Ethereum Option worth $1.15 billion is set to expire on March 26. Although not all contracts are to be traded at the expiry, most of them will be. The Ethereum open interest has been rising exponentially along with the price surge of the cryptocurrency, which has resulted in this historic expiry. At the moment, the call options appear to overweigh the put options. Ethereum price predictions are optimistic that the expiry would boost the price.
Though there is still time till the expiry, and the market sentiments can change drastically, it is safe to assume that the bulls have a good opportunity to make a re-entry in the market. If Ethereum continues to trade at a higher price, most of them put options will become worthless, and the cryptocurrency can regain bullish momentum as the expiry of the options nears.