- Ethereum bulls in control of the market.
- ETH/USD fresh rally failed to breach $1,800.
- Breaking past $1,800 could trigger increased buy orders driving Ethereum price past $2,000.
Ethereum Price Prediction: General price overview
Ethereum price action appeared left out back in 2020 by the world’s most famous cryptocurrency. As the price of Bitcoin raced to its 2017 record high and continued to soar even further to its newest ATH, Ethereum price only moved midway to it’s all-time high. As we transitioned into 2021, the situation changed in favor of Ethereum, with its value beginning to rise on the 2nd of January.
Nevertheless, as ETH came too close to breaking its ATH, it got rejected and pulled back to under $1,000. ETH managed to recover abruptly and commence another charge towards breaching its previous ATH. Again, on the 19th of January, Ethereum came as close as $1,428 to breach its $1,440 previous all-time high. The cryptocurrency got rejected once again and spent about 10 days trading in a sideways market with minimal price movements. The crack finally arrived on the 2nd of February when ETH broke past its previous ATH and soared to even greater heights.
The ETH/USD pair opened the day trading at $1,754.07, and so far, it has traded within a range of $1708.21 — $1768.6 as per Tradingview. At the time of writing, Ethereum price has gained by over 7 percent and traded at a market price of $1,754 on BitMEX exchange, boasting a 24-hour trading volume of $50.2 billion. The second-largest cryptocurrency by market capitalization is expected to rise even further.
Ethereum Price Prediction: ETH/USD pair 4-hour chart
The Ethereum price action has traded at record price levels in recent days leaving investors to speculate the price reaching $3,000 soon. As Tesla catapulted Bitcoin towards $50K on the 8th of January, ETH remained moderately inactive, only rising past its recent ATH at $1,765 to $1,781. In the meantime, Ether has pulled back to its current price at $1,754, but the buyers have their sights set on $1,800. If the price breaks past this level, more investors will be willing to join the market driving the price beyond the $2,000 price level.
In the above ETH/USD 4-hour chart, the asset’s bullish outlook can be explained using the Moving Averages Convergence Divergence (MACD) indicator. When applied in the right way, this pattern can be utilized to pinpoint the buy and sell positions on the chart. From the above chart, when the crossover happens on the MACD with the blue line moving up and diverging from the red line, it signals the beginning of a new uptrend. In this case, it is an excellent time to buy or augment your ETH position.
The ETH/USD pair is trading above all the moving averages, as seen on the chart. Moreso, the 50-SMA appears to be diverging further away from the other two SMAs, which precisely means that the bulls are in control of the market.
Ethereum Price Prediction: Conclusion
It is vital to bear in mind that the ETH/USD pair is currently trading beyond a rising parallel channel’s median borderline. If the Ethereum price could manage to close the day trading above this level, buyers will be motivated to break past the $1,800 and $2,000 hurdles.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.