TL:DR Breakdown
- ETH price steadily bullish to beyond $600
- Resistance level set at $635
- Price walls seen on Binance at $600 to $610
- Low volatility seen as Ethereum progresses bullishly
Ethereum price prediction: set to break $600 – but bulls expected to meet resistance
Ethereum (ETH) price has skyrocketed over the past couple of months and now sits – at the time of writing – at $597.42. Following suit of the Bitcoin (BTC) price decline on the 26th of November 2020, ETH price dipped to below $500 towards $480 but has since seen a strong recovery toward $600.
As Ethereum 2.0 (dubbed ‘Serenity’) steadily enters the crypto space, ETH popularity has been accordingly on the rise in response. As the long-awaited release of Eth 2.0 sails across the horizon, ETH prices have continued to remain bullish – essentially doubling in price since early September.
Use the oscillator below to check what role ETH might play in your portfolio.
Ethereum price prediction: 1-Day chart
The 1-Day chart depicts a clear resistance level found at $636 and a steady peak in volatility seen on the 26th of November 2020. This peak in volatility coincides with the BTC price drop, a high volume level traded, and a steep drop in ETH price.
Volatility on this chart shows a slow but steady growth in Historical Volatility (HV), which seems to have hit a plateau. As ETH price still seeks volatility spikes with bearish activity, the chart indicates that Ethereum is still boasting a bullish market trend. As a result, ETH price is expected to grow beyond $600 in the next few days if unhindered.
Ethereum price prediction: 1-Week chart
The cluttered, yet informative 1-Week chart provides all the information required to confirm that ETH price is still set for bullish momentum.
Firstly, the two dates highlighted by vertical trendlines coincide with high volatility points and steep drops in ETH price. Following the volatility indicator, HV levels show a clear declining pattern after these volatility spikes. If this follows suit, volatility will likely decrease further, and ETH price increase.
Secondly, the Bollinger Bands (BBs) show a strong bullish market for Ethereum – having stayed above the BB Basis mid-line since late April. Breaking the Upper BB level multiple times within the last five months, ETH price shows no humility in reaching skyward. Perhaps toward their All-Time-High (ATH) of 2018?
Thirdly, the On-Balance-Volume (OBV) evinces a steady increase without hindrance. As volume levels progressively increase bullish, the OBV confirms this bullish trend is expected to rise further still.
Ethereum price prediction conclusion:
As with every great tale, there is always an obstacle in the heroes way. The threat to this Ethereum price prediction – seller price walls.
As shown in the Binance trading screen image above, ETH selling prices of $600, $603, $605, and $610 accumulate in large numbers. Whether these figures indicate whale involvement or the amalgamation of ETH user sale goals – these high numbers will potentially block ETH price from climbing too quickly beyond $600 in the coming days.
Alternatively, these glass ceilings may shatter, and the orders redacted when reaching these milestones. Whether this is strategic or incidental is yet unclear. The one clear thing is that ETH will reach beyond $600 against ‘natural’ resistance before the week is out.
As always, this ETH price prediction is only as reliable as the facts, charts, and images used above. As ETH‘s ATH price is far beyond this current level, it would not be surprising to see Ethereum continue to progress well beyond $700 into 2021.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
