TL;DR Breakdown
- Ethereum price prediction expects to break $1,300 today
- Strong price correction established support level at $1,111
- Volatility sky-high as price discovery continues
- ETH price continues to follow BTC price closely
- The range of the day expected to be $1100 – $1,380
Ethereum followed our predictions perfectly over the last few days and continues to soar as BTC price bursts through the $40,000 barrier. Price discovery has never been so exciting for hodlers and traders.
ETH price continues to journey into All-Time-High (ATH) territory as the January 2018 level of $1,440 inches ever-closer with the bullish momentum of 2021.
At the time of writing, ETH price is currently $1,255 – up over two percent on the opening price of the day.
Use the oscillator below to check what role ETH might play in your portfolio.
Ethereum price prediction: 1-Day chart overview
The 1-Day chart overview continues to portray the bullish skyrocketing momentum that we have all witnessed these last two weeks – only eight days into 2021.
Volume seems to be diminishing but remains bullish while the indicators suggest a steep price correction awaits just beyond the horizon. The Historical Volatility (HV) indicator shows a high volatility level still but seems to plateau. This could suggest that bullish movement is set to continue without much resistance.
On the other hand, the Relative Strength Index (RSI) places ETH price well above the RSI indicator’s upper boundary. Sitting at 89.31 RSI, ETH is considered heavily overbought and overdue a healthy price correction. As the BTC price discovery continues, this correction will continue to be delayed.
Ethereum price prediction: 1-Week chart overview
Observing the 1-Week chart overview, we can see ETH price has received huge support – though mainly institutional – as it continues to pump ever-upwards.
Volume on the weekly chart shows that bullish movement is actually increasing, as opposed to decreasing shown on the 1-Day chart overview. This may suggest that ETH price is safe to continue its way towards breaking the $1,440 ATH with strong support.
The HV shows a moderate level of volatility still but the same plateau seen on the 1-Day chart. This is suggestive that ETH price could still have a way to go before it finally stops pumping. In contrast, the RSI still shows a very high RSI level of 92.79. This is highly suggesting that ETH price is overbought and overdue a strong price correction.
Ethereum price prediction: volatility chart overview
Observing the volatility chart, we can see ETH price is actually at the top of a spike in volatility. As opposed to the 1-Day and 1-Week chart readings, this shows that ETH price may receive a steep drop in price and volatility if September 2020 volatility is to be repeated.
Only time will tell what happens to ETH price, but it seems to begin a slight decline in volatility on this chart when observing the current volatility level.
Ethereum price prediction conclusion: ETH price expected to break $1,289 resistance and reach $1,300 today
This Ethereum price prediction concludes that the $1,289 resistance and the $1,300 level will be broken today if bullish notion maintains its course.
Observing the conclusion chart, support can be seen around the $1,111 mark after establishing the $1,289 resistance level yesterday evening. As this support level was established, the bullish price movement swiftly recouped ETH price back up to above $1,200.
As this pattern continues, $1,300 is to be expected within the next 12-16 hours if only minor price correction appears.
As always, trade safely, carefully, and only trade what you can afford to lose.
