April 29, 2021 / Analytics

Ethereum Price Analysis: Ethereum Fortify Its Position Against Bitcoin

Ethereum analysis forecast

The upward trend has slowed down in Ethereum (ETH) cryptocurrency market, but the bull run is not over yet. Therefore, ETH/USD should rise to $ 3,100 by May 6th.

Key Points

  • ETH has stabilized above the bullish trend line with support at $ 2,670 and hovers above the 100-hour average ($ 2,514).
  • A downtrend line is forming with resistance at $ 2,720 on the hourly chart.
  • ETH rate is likely to adjust to $ 2,610 during the next session and then begin to grow.

As a result of a powerful dump, Ethereum price dropped to $ 2,106 (Bitstamp data) on April 23. Nevertheless, the rate of Ethereum began to be pumped on Monday. Toin rose in price to $ 2,765 on Tuesday, updating the previous ATH. As of April 28, the value of the digital asset began to adjust. On Wednesday, the price of the coin dropped to 23.6% Fib. If this situation repeats on Thursday, the rate will drop to $ 2,610.

eth chart

Buyers failed to consolidate above the bullish trend line, as a result of which the price of ETH went down. A similar phenomenon was observed on March 31, when the upward movement stopped at the bearish trend line that started in February. But after breaking this barrier, the coin rate increased by almost 15%. By analogy, we can assume that the price of Ethereum will increase to $ 3,100 (15% of the trend line).

eth chart

Ethereum Fortify Its Position Against Bitcoin

ETH bounced off the uptrend line and depreciated by 20-23% on April 16 and April 22. However, the current dynamics of the rate change is noticeably different because there is no peak on the chart. The fluctuations in the value of the coin resemble the stage of consolidation before the upcoming upward impulse, which should occur within the next two days, otherwise, the bears will take control of the market.

eth chart

On April 28, the Ethereum rate broke through the bullish trend line on ETH/BTC chart and reached its highest level since August 2018. The coin began to skyrocket in price against Bitcoin at the end of March. In 31 days, ETH won 65% from its older brother and is still increasing its advantage. Considering the data of the Market Cipher indicator, the positive dynamics on the ETH / BTC chart will soon end. It is unlikely that Bitcoin will be able to outpace Ethereum in terms of growth. Thus, BTC will regain positions as a result of the ETH dump, which should begin after the completion of the bullish trend with the target of $ 3,100.

eth chart

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 60 (in the negative area).
  • Major Support Level – $ 2,610.
  • Major Resistance Level – $ 2,800.
  • The nearest pivot points are $ 2,626 and $ 2,931.
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