- Ethereum price prediction supports consolidation near the all-time high
- Option expiry brings additional volatility in the pair near the $1,700 range
- Technical indicators remain neutral to upward biased
The ETH/USD pair is moving in a well-defined range with the target of moving beyond the all-time highs. Also, the same trend reflects itself in the ETH/BTC pair, which is closely following the ETH/USD pair with a high correlation of technical indicators. Technical analysis shows that ETH/BTC must remain on course with ETH/USD if it wants to touch $2,000 in the next few days.
The short-term range for ETH/USD is between $1,720 to $1,850. Over the weekend, the intensifying selling pressure can take the ETH price below the $1,640 level. If Bitcoin does not hold its support levels, the corresponding downfall in Ethereum price prediction may induce a minor correction in the next few days. The correlation between ETH and BTC is currently at an all-time high.
Ethereum price movement in the last 24 hours: Slowly moving higher beyond $1,750
Fibonacci retracements are right now the ideal way to understand the various support and resistance levels in Ethereum price prediction. The different retracement levels have been coinciding with the support levels that are evident in the candlestick patterns. The confluence of candlesticks within the Bollinger Band extremes is also supporting the bullish move.
On the daily timeframe, the $2,040 level is driving the price action. The attempt at recovery towards an all-time high finds resistance at $1,920. The $1,900 region is significant from various pivot points as it could be a launchpad for higher price levels. Right now, the same level is offering heavy resistance to the pair.
Some technical indicators are giving out a bearish leaning to the pair. The momentum is fast shipping to the $1,550 on the weekly timeframe. But given the thin weekend liquidity, the Ethereum price prediction of under $1,600 seems far-fetched. The shorter timeframes are predicting a bullish recovery without any obstacles. Minor corrections towards the $1,720 region will only increase long positions as buyers will step in at lower price levels.
ETH/USD 4-hour chart: Technical indicators are subtly bullish
Currently, a steady uptrend is in the making as the ETH/USD pair builds on weekend momentum. The Stochastic RSI is climbing gradually to higher levels. The RSI remains near 59 with a bullish bias. The MACD is slowly rising towards buying region but still far from oversold territory. The hourly charts are full of bullish bias technical indicators.
Ethereum price prediction studies are pointing towards the $1,720 level as critical in the coming days. The volumes are slightly reaching overbought levels on the hourly charts. But a muted weekend will normalize some overbought readings. The prices will be driven higher, and the region would present a buying opportunity in the coming days.
On the bearish side, the revision of the $1,550 area would give more opportunity to the sellers to intensify the momentum. The $1,500 price level is the 50 percent Fibonacci retracement of the current bull cycle in late February. Technical studies suggest that highly bullish assets can experience corrections up to 50 percent in the bearish hold.
Ethereum price prediction conclusion: Consolidation supports more bullish movement
ETH has risen by 2200 percent in the last 11 months. Ethereum price prediction analysts are factoring in a 50 percent correction in the worst-case scenario. Some believe that the early phase of such a correction is already in the making, and minor corrections are already underway. So, bulls have some reasons to worry before they create over-optimistic long positions.
If a lengthy consolidation phase does happen, a muted trading volume will be the first signal for traders. When bulls target the psychological $2,000 level, they must also beware of the pivot points that offer significant resistance, including the $1,900 level. A multi-week consolidation will only strengthen the buyer’s activity.
Immediate support lies at $1,665, where the bulls will consolidate as per Ethereum price prediction. Broader market support is required for the next bull run. Barring an extended crypto rally, the ETH/USD pair will experience serious resistance at $1,850, which will also cap any upside.
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.
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 emerged.
- 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 governing 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 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.
Why is This Last Chance to Buy Ethereum? ETH Price Posied For $20k!
The broader cryptocurrency market cap is retesting at $2.556 trillion, post-brushing an ATH of $2.7 trillion on 21st October. Bitcoin price is trading at $61,619 with 0.09% gains over the past week. Besides its counterpart, Ethereum has outperformed it with 2.66% profits in the last week. Moreover, the most dominant altcoin has perpetually stood ahead of the star crypto in historical bull seasons and underperformed during bear traps.
Why Ethereum Price Could Take an Upswing Over $20k?
The top two leaders of the crypto space post-brushing their ATH are instantly preparing to enter the exuberant phase of the bull run. Especially, Ethereum’s price has stalked Bitcoin during the majority of bull runs since 2017. If a similar framework holds true, the star altcoin could leg up by 500X smashing $20k as it has achieved in its previous bull runs.
IncomeSharks, a popular crypto educative platform shared a compelling price chart. The pattern highlighted altcoin’s potential price action for the rest of the quarter. Since the start of the quarter, Ethereum has produced a significant number of double top patterns and one triple top pattern followed by considerable gains. Break out after the first double top pattern uplifted the price from $2,700 to $3,300.
Before climbing to the $4000 mark, the ETH price has formed a triple top pattern around $3,400. Confirming the uptrend the price again rose to the $3,800 resistance zone in the next few days. Breaking out a double top pattern from there, the asset hit an ATH of $4,366. The price has seen attempting to form a support level around $4,000, the breakout at this point could skyrocket the price action.
Moreover, the platform is soon planning to shift to the PoS network. EIP-1559 London hard fork upgrade is one of its efforts to stabilize transaction fees, which would enhance user experience. This could further act as a major catalyst in the upcoming bull cycle and help price momentum. Lark Davis, a popular crypto analyst shared enthralling information on the massive Ethereum burning of over 600k since the EIP-1559 upgrade. This creates a potential scarcity of the asset.
Collectively, Ethereum’s smart contract competitors and potential regulatory headwinds ahead might prevent its price action from exploding. However, popular crypto investorLilMoon Lambo opined that buying the star altcoin in October 2021 is identical to buying Bitcoin in October 2017 before it went to $20k. Meanwhile, he expects the ETH price to hit $15k by March 2022. On the other hand, Galaxy trading, a crypto platform suggested the $3900 level as the best opportunity.
Ethereum Forecast October 25 — 29, 2021
Ethereum ETH/USD ends the trading week at 4113 and continues to move as part of the rise and the formation of the ”Ascending Triangle” pattern. However, there is a lack of a test of the lower boundary of this model, so it should not be ruled out that the asset quotes will drop to the level of 2500 in the near future. Moving averages indicate the presence of a bullish trend in ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 3375 area. Where can we again expect a rebound and a continued rise in the rate and value of Ethereum with a potential target above the level of 5055.
Cryptocurrency Ethereum Forecast October 25 — 29, 2021
An additional signal in favor of raising the ETH/USD quotes in the current trading week October 25 — 29, 2021 will be a test of the trend line on the relative strength index (RSI), now the RSI indicator values are testing the resistance line, which may trigger a drop in the Ethereum rate in the near future. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2755. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2155. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper boundary of the ”Ascending Triangle” pattern.
Cryptocurrency Ethereum Forecast October 25 — 29, 2021 assumes an attempt to decline and test the support area near the level of 3375. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 5055. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line at relative strength indicator. Cancellation of the growth option will be a fall and a breakdown of the area of 2755. In this case, we should expect a continuation of the decline with a target below the area of 2155.