TL;DR Breakdown
- ETH price prediction studies confirm the resumption of ETH/USD uptrend
- ETH faces an uphill battle as prices soar past $2,070
- Bulls restore the uptrend toward $2,500 after a daily close above $1,980.
ETH bull run cements past the $2,000 resistance as more buy orders are being added every hour. The rising volume figure reflects the underlying bullish overtone in the pair. A significant uptrend may trigger sizeable fresh buy orders from ETH whales and take the price towards $2,500.
The ETH price prediction analysis also shows a probable double-top formation in the current bull run. This corrective pattern can trigger another round of pullback that may see the price touching $1,710 range lows.
As the March 2021 quarter ends, the ETH/USD pair successfully clocked in around 160 percent gain. The price rise has outperformed crypto giant BTC. The relentless pursuit to touch fresh new highs has seen new volumes pile up in ETH/USD pair. The price movement is consistently challenging the all-time highs at $2,041.
ETH price movement in the last 24 hours: Fresh all-time high of $2,081
At the time of writing, the ETH/USD has touched a new high of $2,081. The current price of ETH/USD is $2,065 and is within proximity of the all-time highs. If the pair manages to close above $2k, the bulls will post fresh new all-time highs in the coming days beyond the $2,081 level. Such a bold move will be highly bullish for ETH price prediction.
Besides the successful quarter of ETH/USD, the pair also got help from the broader crypto market, which remained relatively positive in the past few months. The costs involved in ETH rose, but the pair benefitted from higher gas prices and a robust network. As the DeFi value surges past $45 billion, the pair is witnessing a steep rise in higher targets touching $2,500.
The past 24 hours saw the ETH/USD pair push the upper limits of the Bollinger Bands. The upward sloping price channel is certainly looking to break out from the bands’ confines, but the overbought technical indicators pose a challenge. Despite the rising volume, the pair is in a challenging position threatening its upward trajectory of ETH price prediction.
ETH/USD 4-hour chart: No stopping ETH bulls with soaring volumes
The hourly charts are laced with upward trends and patterns. Large candlesticks dot the charts with two significant patterns. First, the symmetrical triangle, which is pulling the price up with each passing candlestick. The second pattern is the rising price channel that is not stepping back from the overstretched Bollinger Band. These technical indicators reflect that the bull run is still strong and has good steam left to post fresh highs in ETH price prediction.
ETH price prediction studies also take into account the currently overstretched technical signals. For example, the RSI at 76 is deeply overbought. The MACD indicator at negative 74 level indicates another highly overbought signal. Other studies are also showing heavy buying activity. Therefore, a minor pullback may be in the offing in the near term.
The 50-day simple moving average and the 10-day exponential moving average are both well below the price. It indicates that the ascending triangle pattern is under construction and may well help the price going further. Lastly, the bullish ETH price prediction is encouraged by the weakness in the U.S. dollar that supports the crypto market in an inverted relationship.
ETH price prediction conclusion: Fresh bull rally underway past the $2,050 level
The minor correction last month that saw the prices spiral towards $1,680 lows is finally over. The confidence of the buyers is evident in the volumes and liquidity. There is strong support at the $1,780 pivot point. Next, the buying action will intensify in case the prices fell towards $1,903. Significant support and resistance levels have been tested, and now the Fibonacci extension levels are in play.
There is strong support from the broader crypto market to take the pair towards fresh new highs. Barring an extended crypto rally, the ETH/USD pair will see significant resistance at $2,200 and then at the $2,390 level. Both these levels will cap any immediate upside. Any violent breakout can see feverish buying that may take the price above $2,500 in a few days.
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