TL;DR breakdown
- Ether blasted past $1,550 to set new all-time high.
- Ethereum price will possibly to advance towards $1,580 and $1,600 in the near future
- Bulls targeting $1,800 milestone.
Ethereum Price Prediction: General ETH/USD pair price overview
Ethereum price surged on February 2 blasting past $1,550 to record a new all-time high. Following the recent price swings in DeFi coins and other less-popular rem altcoins, the attention is now shifting towards Ethereum. Ethereum gained by more than 10 percent to soar from $1,380 to $1,562 registering a new ATH.
The ETH/USD pair began the day trading at $1,511.93 after closing the previous day at $1,511.87. Ethereum’s market price at the time of writing is $1,564.36 boasting a 24-hour trading volume of $46.34 billion. Over the last 24 hours, Ethereum price has increased by 12.76 percent. Ethereum has consistently recovered from the recent decline since reaffirming support above the $1,200 price level. However, the second largest cryptocurrency in the world was subjected to significant selling pressure near $1,400 and $1,450 price levels.
Ethereum Price Prediction: ETH/USD 4-hour chart
Ethereum overlooked yesterday’s negative market standpoint and set out to clear the selling pressure at $1,400 and $1,450 price levels. The bulls assumed control of the ETH/USD price action after the configuration of an ascending triangle pattern. Ethereum price has since broken past its previous all-time high, and is trading well above the $1,500 price.
Technically, ascending triangles are deemed as continuation patterns, with the price of the asset expected to break out of the triangle in the prevailing trend before the formation of the triangle pattern. After the price action breaks out of the triangle, the traders tend to strongly purchase or sell an asset depending on the breakout price trend.
The good thing about this technical pattern is that it pinpoints to traders the exact price target after a breakout. In that event, the bulls are targeting ETH to surge by over 20 percent to hit the $1,800 price level. However, that will not be a stroll in the park with selling pressure near $1,600. Ethereum is currently building up momentum above the $1,500 price level which can be verified by the MACD indicator with the blue line having crossed the signal mark, motivating traders to acquire even more ETH.
Ethereum Price Prediction: Conclusion
It was only a matter of time before ETH broke its ATH following Bitcoin’s record breaking bull run on the 8th of January. However, it is critical to note that Ethereum price could pull back to lower levels if it fails to clear the crucial selling pressure near $1,580 to $1,600. In that instance, there is a near term support around $1,520 and the initial key support lies at $1,500. The main support is currently near the breakout zone at $1,450.
If Ethereum corrects beneath this level, it might return to the initial support at $1,400. On the contrary, the bulls must set up firm support above $1,500 to instigate traders to acquire more Ethereum and focus on driving its price further.
