Prediction for ETH: will reach $ 14,000 later this year
2 min readThe popular analytical company TradingShot has published a very interesting prediction for ETH. It predicts significant price growth, which should stop at at $ 14,000.
Fractal prediction for ETH
The indicator, which predicts the price boom for ETH, uses three classic technical indicators as tools for the growing trend. It is a 50-day simple moving average, a very popular Fibonacci channel and a relative strength index, ie RSI. This assumption could be fulfilled later this year.
For the first time since the May correction, Ethereum managed to close the candle over the 50-day SMA. According to the analytical company TradingShot, this event is very important for the subsequent development of the ETH price, which should start a bullish wave. Historical data suggests that whenever this phenomenon occurred, ETH fired at the moon. This was the last situation in April 2020, when the price of ETH / USD climbed from $ 170 to $ 500 in 137 days.
The RSI indicator was also able to predict the strength in periods of high price increases, when daily values increased from 60 to 90.
A new ATH is expected
In its fractal analysis, TradingShot essentially confirmed what is expected of ETH. There have been many cases in the past where ETH has been able to close a position on a 50-day SMA and grow in the Fibonacci Channel. When we add the mentioned RSI indicator, which fluctuated between neutral and overbought value, we get what is currently happening. Hence the assumption that ETH is waiting for a huge shot at the new ATH.
“After breaking the 50-day SMA, it takes Ethereum 132, 137 or 70 days to reach another peak on the Fibonacci scale. As you can see, the peaks always go up one level – first 1.0, then 1.5 and last in May 2.0.”
At about level 1.0, ETH is expected to test the $ 4,000 price level. Subsequently, with a further increasing trend, the ETH at the level of 1.5 to 2.0 could reach the level of 6,000, resp. $ 9,000. In essence, however, ETH always progresses one step higher. It is all the more confirmed that with a bullish trend and the achievement of level 2.5, ETH will be at a price level of 14,000 USD.
From a technical point of view, we can assume the achievement of level 2.5. Given the current state and development of prices, this is a highly probable situation, especially if it is to last up to 137 days.
Disclaimer: This article is for information purposes only and should not be construed as investment advice.
