June 3, 2021 / Analytics

Ethereum Price Analysis: Is ETH/USD Preparing To Fly To The Moon?

ethereum forecast

There is a positive trend in Ethereum (ETH) cryptocurrency market. ETH/USD rate has overcome the key resistance zone. Therefore, the coin should rise to $ 3,000 by June 10th.

Key Points

  • ETH is trading above the 100 hour moving average ($ 2,558).
  • An uptrend line has formed on the hourly chart with support at $ 2,485.
  • The nearest resistance barrier is located at $ 3,000.

Ethereum price began to rise after a dump from $ 2,872 to $ 2,186 on May 30 (Bitstamp data). The asset price rose by 28% and reached $ 2,802 by Wednesday. The price of the cryptocurrency corrected, but then rose again and again broke through a powerful resistance zone around $ 2,800, which coincides with 61.8% Fib level, taking into account the fall in the coin rate from $ 4,380 to $ 200. The Ethereum price has already tried unsuccessfully to gain a foothold above this barrier several times. In this regard, the value of the virtual currency will fall to $ 2,300 (50% Fib) if the bears take over the initiative.

eth chart

On the four-hour chart, the ETH price has consolidated above the EMA Ribbon indicator, which consists of exponential averages. Moreover, the compression of the lines speaks in favor of a change in the trend to bullish. It is also worth noting that the contracting triangle was broken upwards. Taken together, all these factors indicate an appreciation of the coin’s value in the medium term. ETH should rise in price to $ 3000 – at this mark is the 50% Fibonacci level, fixed during the dump from $ 4380 to $ 1725.

eth chart

Is Ethereum Preparing To Fly To The Moon?

Trader Artem_Dishel noticed a fractal on ETH chart. In his opinion, the current situation is similar to the dynamics of changes in the value of an asset in the summer of 2017. Four years ago, the price of the coin collapsed by 67% and stabilized after that. ETH rate began to be pumped, and it increased by 404% in two months in November.

We can assume that in October 2021, the phase of exponential growth in the value of Ethereum will begin from the $ 3,000 mark. The price of the coin will rise to $ 15,500 in the course of to the moon. This scenario should be taken into account if the ETH rate rises to at least $ 4,000 in the summer and does not renew the bottom, which was reached at $ 1,725. Otherwise, it makes sense to focus on the dump of the coin value up to $ 200 by May 2022.

Technical indicators:

The MACD indicator for 4 hours is in the bullish trend zone.
RSI index for 4 hours – above 60 (in the neutral zone).
Major Support Level – $ 2300.
Major Resistance Level – $ 3000.
The nearest pivot points are $ 2463 and $ 2841.

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