- Bulls are defending ETH price from dropping below today’s intraday low of $1,772.
- A slight solid breakout could spike the price towards $1,880 and $1,900.
- ETH hits a daily high of $1,878 to acquire a negative percentage gain of 0.3%.
ETH Price Prediction: General price overview
Bulls are defending ETH price from dropping below today’s intraday low of $1,772. Ethereum was able to break above the $1,800 resistance on Monday. The $1,800 price zone has served both as support and resistance for ETH price for the past three days. During press time, the price is attempting to beat resistance at $1,825.
A breakout above this resistance and beyond $1,850 will be good for a clear bullish path towards the $1895 support, which is an intact price above the $1,880 resistance and above the 100-hourly SMA.
The coin is testing the $1,820 support on the 1-hour chart and has begun a key bullish trend with support near $1,800. This trendline is near the 50% Fibonacci extension level of the upswing wave to $1,882 high from $1,649 low. ETH price seems to be nearing a bullish price consolidation above the ATH.
However, the 5-day chart does not support a bullish short-term outlook. For example, the 14-day Relative Strength Index indicates a bearish pattern from the recent Ethereum upsurge.
Bulls can hope for the current uptrend movement to resist bearish pullbacks and challenge the long-term horizontal resistance at $2,000. While this might not happen in the near term, a slight solid breakout could spike the price towards $1,880 and $1,900.
Meanwhile, an on-chain report documented Ethereum as the leading decentralized applications ecosystem despite losing a massive number of users. The blockchain has been losing participants due to surging transaction fees, network congestion, and gas fees.
Regardless, the decentralized finance platform still leads the frontline as a dedicated network.
ETH Price movement in the past 24 hours
The leading altcoin opened the daily chart at $1,834, hit a daily high of $1,878, and witnessed a negative percentage gain of 0.3. The intraday low lies at $1,760. During press time, the coin is trading at $1,829.
ETH price is holding support around new weekly highs after breaking out of a 2-week bearish cycle. The bearish cycle began in mid-February after Ethereum began a downswing from an ATH of $2,033. Ethereum’s price pattern began a bullish uptrend at the beginning of 2021 when it crossed a psychological resistance near $819. This resulted in a neck and shoulder bullish pattern with the altcoin’s price between a psychological resistance line ($819) and a long-term resistance line at $2,003.
ETH 4 hour chart
Ethereum formed a descending triangle from $1,830, dipped to $1,826, and corrected at $1,830 again before undergoing a gradual downswing all the way to $1,820. The current pattern attempts to retest support above $1,832 and recover the uptrend that saw it attain a daily high of $1,878.
If Ethereum manages to retest this intraday high and break out from the $1,850 resistance, bulls should anticipate an upward movement against the $1,900 resistance.
Ethereum Price Prediction
Despite the 12-hour dip, Ethereum bulls are still in control of the trendline. Again, the market anticipates ETH price to undergo explosive growth ahead and after the upcoming network upgrade. Sentiments remain bullish and positive for the digital coin to rise above this year’s all-time high.
Traders should identify buy-opportunities immediately at $2,000. Breaking out of $2,000 will most probably push the price of Ethereum above $2,100 and $2,300. Generally, the coin could correct the past few weeks’ lows and spike a bullish uptrend.
Reason Behind Ethereum (ETH) Price Surge to $12,000
- Justin Bennett looks at a situation in which the price of ETH could hit $12,000.
- Ethereum always follows the BTC price.
- Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000.
With Ethereum (ETH) breaking the $4,000 price this week, analyst Justin Bennett looks at a situation in which the price of ETH could hit $12,000. More so, the crypto has limited two-and-a-half months to travel this year. This indicates ETH has only limited time to reach the optimistic price targets.
According to CoinMarketCap, the ETH price is trading at $4,010.56 with a 24-hour trading volume of $18,093,022,938, at the time of writing.
Ethereum always follows the BTC price, however, analysts have not seen a deviation from this trend. Also, with the current market conditions, the analyst explained in his newsletter which indicators reveal that the price of the pioneer crypto will reach as high as $200K before the present cycle ends.
In case, ETH hits this price target, then ETH will surely rally over 300% in response to this. Aside from all this, Bennett explained that a $200,000 price surge in BTC will put ETH at $12,000 with the present ETHBTC levels. Added to this, the analyst views that the price of ETHBTC will surge before the end of the bull market.
According to Bennett, the price of ETHUSDT could be between $15,000 and $20,000. If the price of bitcoin breaks above $200,000 before the cycle ends, then the price of ETHUSDT will also rise.
Recent trends indicate that Ethereum may hit a new all-time high before the weekend closes, despite significant resistance toward breaking the previous all-time high. If that happens, then we will just have to wait and see what happens.
One Ethereum Competitor Is Showing Strength As Bitcoin Loses Ground, According to Crypto Trader Benjamin Cowen
Crypto analyst Benjamin Cowen says an Ethereum rival is showing strength as Bitcoin pulls back from its all-time high.
Cowen tells his 576,000 YouTube subscribers that AVAX, the native token for the smart contract platform Avalanche, is “weathering the storm relatively well.”ADVERTISEMENT
The 12th-ranked asset by market cap is trading at $68.28 at time of writing, up over 5% in the past 24 hours and more than 20% in the past week, according to CoinGecko.
Cowen notes that AVAX is trading well above both its 20-week simple moving average (SMA) and 21-week exponential moving average (EMA). Taken together, the two metrics are what Cowen refers to as the “bull market support band.”
“We also have some wiggle room in the sense that we are above the bull market support band of the AVAX/USD valuation. The 20-week SMA is at $35.85 and the 21-week EMA is at $43.47. What that tells you is that Avalanche has been performing pretty well for the last several weeks.
A lot of coins are right above their bull market support band, and they haven’t been performing as well recently. A lot of these things can have some type of seasonality as the money ball just jumps around from project to project, and right now, clearly, AVAX is showing a decent amount of strength.”
Cowen doesn’t predict that AVAX will have a strong move against Bitcoin “in the next month or so,” but he does say that Avalanche can increase in value in terms of its relationship to the US dollar in the short term.
Ethereum Price Forecast: ETH bulls set sights on new record high targeting $6,000
- Ethereum price is gearing up for a new all-time high as two significant bullish chart patterns have transpired.
- The governing technical patterns present optimistic targets at $6,015 and $6,365.
- A daily close above $3,960 would add credence to the bulls’ aspirations toward $6,000.
Ethereum price is hovering around a key support level which has previously acted as resistance for ETH, as the bulls catch their breath before the token resumes its rally. As long as the second-largest cryptocurrency by market capitalization holds above $3,960, a 60% surge is still on the radar.
Ethereum price eyes 60% ascent
Ethereum price has printed two major bullish technical patterns on the daily chart, an ascending parallel channel and a cup-and-handle pattern. The former chart pattern indicates that ETH has been consistently reaching higher highs and higher lows since mid-June, presenting an optimistic outlook for the token.
Based on the first prevailing chart pattern, ETH is likely to tag the upper boundary of the channel at $6,015, coinciding with the 161.8% Fibonacci extension level, representing a 48% climb.
The cup-and-handle chart pattern suggests that the projected target for Ethereum price is at $6,365, forecasting a 60% rally. While the two governing technical patterns establish an optimistic outlook for ETH, the token may be confronted by a headwind at its all-time high at $4,369, corresponding to the middle boundary of the parallel channel.
Additional hurdles may emerge at the 127.2% Fibonacci extension level at $5,092, then at the 161.8% Fibonacci extension level at $6,015.
Given the reinforcement of the two optimistic chart patterns presented on the ETH daily chart, retracements for Ethereum price may not be significant even if selling pressure arises.
ETH/USDT daily chart
Ethereum price will discover immediate support at the support trend line at $3,960, then at the 78.6% Fibonacci retracement level at $3,797. The following line of defense will emerge at the 21-day Simple Moving Average (SMA) at $3,710, then at the 50-day SMA at $3,453 before eventually dropping toward the lower boundary of the ascending parallel channel at $3,349, which meets the 61.8% Fibonacci retracement level.
If Ethereum price fails to hold above the aforementioned levels of support, the bullish outlook may be voided, prompting ETH to plunge lower toward the 100-day SMA at $3,137.
ETH bulls should aim for a daily close above $3,960 to reinforce commitment for the bullish target to be on the horizon.