TLDR Breakdown
- Recent Ethereum price prediction of $500 breakout looks increasingly possible
- ETH/USD touched $484 in anticipation of breaking past the $495 resistance
- The pair broke past the $462 and $478 resistance with a significant volume
Ethereum price prediction refuses to leave bullish trajectory
Ethereum price prediction is now bathed in bullish candles as the price is challenging the upper resistance at $478 once again. The past 24 hours have seen the price rise from $450 to touch a high of $484. In its pursuit to touch new highs, ETH/USD has broken past critical resistances at $462 and $478. All major support levels remained intact during Monday’s downfall.
The pair looks set to post a highly bullish end to the day by resting above the $475 mark. A bullish end to the day, however, saw Ethereum break back through the first significant resistance level to end the day at $460 levels.
The second-biggest cryptocurrency follows the broader crypto market sentiment, which has seen BTC/USD cross the $17,770 level for the first time in 2020. The exuberance before the upcoming launch of ETH 2.0 is certainly pushing Ethereum to cross significant hurdles.
Ethereum price movement in the last 4 hours – Price breakout tries to belie technicals
Ethereum price prediction about crossing $480 resistance proves true right now as the price pushes on the upper end of the rising Bollinger Bands. The price is piercing out from the stretched Bollinger Bands and printing green candles on the hourly charts. In the 4-hour timeframe, the price is facing resistance from the $478 level. There’s heavy selling pressure above $480, which is pushing down the price repeatedly.
The ascending price channel has broken past the bearish wedge pattern. The 10-day EMA at $450 is now rising fast to catch up with the price, thereby giving more bullish signals on the hourly charts. The hourly charts, compared to the daily timeframe, has somewhat muted technical indicators. Therefore, Ethereum price prediction on the hourly charts has a fair amount of room to rise further. The RSI and MACD are still well below the overbought levels. But daily chart indicators do border on overbought territory.
ETH/USD 4-hour chart – Bullish green candles all around
Ethereum price prediction is presently highly bullish, ignoring any overbought technical indicator. The resistance at $462 is now significant support on the hourly timeframe. The pivot point will likely turn into an accumulation zone if the coin moves past $500. Extended support from the broader crypto market will help the pair cross more hurdles in the next few days.
Barring an extended selloff, the support near $450 will hold well. The pair will defend any significant pullback due to the defensive buying at lower levels by the bulls. The RSI is sloping upwards despite bordering near the overbought area. The MACD is also turning slightly bullish on the hourly timeframe and has a fair amount of room to run upwards. Still, traders are unlikely to see a retest of $440 levels anytime soon.
On-chain data suggests 2017 style bull run for Ethereum
As ETH/USD knocked on $480 resistance repeatedly to cross it today, traders compare the current bull run to the 2017 rally. The Ethereum is on the verge of a significant breakthrough that will push it past the $500 level. The present range between $450 to $470 mimick the 2017 bull run when ETH/USD took its time to break out $478 resistance and then chart new heights.
Back then, the Ethereum price went euphoric and touched $1,400. Many analysts in the ETH community believe a re-run of the 2017 rally is on the cards. In 2017, ETH/USD only took 34 days to jump from $450 to an all-time high of $1,400. Before achieving the feat, the coin underwent sideways movement for many days, just like the present price action.
The rising transactions on the Ethereum network will surely be a crucial factor in the increasing ETH price. Network granularity is vital to understand the growing price and has increased 46 percent in the past month alone. A similar effect was observed back in 2017 when transactions jumped to $2 billion in a few weeks. The same indicator is ideal has strong ties to the current Ethereum price prediction.
Of course, the current data includes DeFi and stablecoin statistics, which weren’t there in 2017. The significant rise in volume is another crucial factor behind the bullish Ethereum price prediction. But network use and trading activity cannot be directly correlated. Would there be a DeFi comeback, and will it be enough to propel ETH/USD further.
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