- Ethereum price prediction currently in the bullish territory as bulls target fresh highs
- Overbought technical indicators, RSI and MACD, have cooled down
- Sustained buying momentum will bring further upside beyond the $1,700 level
- Upper resistances look weak as price approaches with massive liquidity
- Launch of ETH Futures in CME further bolsters ETH positive bias
Ethereum price prediction has to be the most effortless analysis right now in the crypto realm. With the price hovering near $1,665, the ETH/USD pair is firmly settled in the bullish region, with buyers in the driving seat. Each small correction is seen as a buying opportunity where traders and investors accumulate Ethereum in anticipation of further upmove.
The upcoming launch of the ETH Futures on the Chicago Mercantile Exchange will open up the pair’s massive futures market liquidity. The Ethereum price prediction further reflects that the price faces minimal resistance once it crosses the $1,700 level. The rising trend channel supports the next bullish move higher that can see the price touch $1,920 in the next few weeks.
The support and pivot points have moved higher on the daily chart timeframes. The symmetrical triangle pattern has been broken confidently by the buyers when the price crossed and closed above the $1,590 resistance. At the time of writing, the price is hovering near the Bollinger Bands’ upper end and ready to take another shot at the $1,700 resistance.
Ethereum price movement in the last 24 hours – Price moving beyond $1,705
Yesterday’s close above the $1,650 level shows that the bulls have maintained the buying momentum. Today, the price hit a peak of $1,677 after posting various higher lows on the hourly charts. The price is also decently above the 100-day simple moving average and the 50-day exponential moving average. Both these averages are helping buyers keep their long positions.
The upper boundary of the ascending price channel is challenging the higher resistances to cross the $1,700 region. The parabolic uptrend is now losing some slope. However, the loss in slope is helping calm down the overbought technical indicators. The move can open up further upside since there is room for the indicators to chase higher levels.
The bullish momentum is evident on the hourly charts where the short-term resistances have been taken out decisively. Both RSI and MACD have a fair amount of upside potential in the coming days of Ethereum price prediction. The uptrend that began in January is nowhere near its end as the price corrections are used as accumulation pivot points to raise support levels.
The $2,000 psychological level is now seen as a pivotal point in Ethereum price prediction. The immediate resistance at $1,700 is seen as a threshold point where the price may face selling pressure. Profit booking ahead of the CME Futures launch can drive the price towards lower support points.
ETH/USD 4-hour chart – Technical indicators support fresh new highs
Even though Ethereum price prediction is now in the bullish zone, the bearish outlook cannot be ignored. The downside potential remains if the current breakout above the symmetrical triangle turns out false. The price can spiral downwards if bulls lose momentum. The immediate support is at $1,600 and then near the 100-day SMA at $1,400. If the selling pressure increases, the price may see $1,315 on the charts.
The first crucial resistance besides the $1,700 level is the 1.618 Fibonacci extension at $1,762. The price will face a further challenge at $1,800 and then at $1,920, where the selling pressure will increase manifold. The price is likely to ignore the overbought RSI reading on the daily timeframes.
Ethereum price prediction conclusion: Short-term bias remains bullish
The short-term Ethereum price prediction remains in the hands of the buyers. After today’s bullish start, chances of achieving the $1,799 peak remain high. Before easing back, the price is now hovering near the day’s highs due to sustained buying action underneath.
Despite a highly positive narrative about ETH/USD, the pair would require broader crypto market support to cross higher resistances. Initially, the price will be capped near the $1,724 resistance and undergo stagnation. Barring an extended rally, the area can emerge as the next accumulation zone.
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.