October 14, 2021 / Analytics

Ethereum Price Analysis: Private Investors Will Pay For ETH Flight To The Moon

ethereum forecast

The correction ended in Ethereum (ETH) cryptocurrency market, and the asset price began to rise. Therefore, ETH/USD should rise in price to $ 4,000 by October 21.

Key Points

  • ETH is trading above the 100-hour moving average ($ 3,522).
  • An uptrend line has formed on the hourly chart with support around $ 3,000.
  • The nearest strong resistance barrier is located at the $ 4,000 level.

Ethereum price has fluctuated in a narrow range from $ 3,367 to $ 3,675 (Bitstamp data) over the past week. The volume of purchased coins increased on the night from Wednesday to Thursday, and buyers broke through the contracting triangle. ETH price fixed above the 23.6% Fib ($ 3,438), taking into account the increase in the value of the coin from $ 1,700 to $ 4,032. Therefore, the bulls will pump the cryptocurrency rate to $ 4,000 in the near future.

eth chart

The EMA Ribbon exponential moving average indicator clearly speaks in favor of bull run. During the correction, the lines contracted, however, due to the upward momentum, the Ethereum price exceeded the EMA in 220 hours, and the indicator strip began to expand. Considering previous trends, this fact is indicative of an impending bull run.

Private Investors Will Pay For Ethereum’s Flight To The Moon

Analyst Tony Spilotro is confident that the bullish trend in the Bitcoin (BTC) market will continue. In his opinion, now the asset rate is changing within the fifth wave of the upward trend, which will end at $ 130,000 in March 2022. According to his forecast, the value of the virtual currency will reach $ 82,000 by the end of this year.

eth chart

According to many experts, against the background of an increase in the BTC rate, the attractiveness of altcoins for private investors will increase. Instead of buying a tenth share of Bitcoin for $ 6,000-8,000, traders with little capital will buy two Ethereum coins. Accordingly, the altcoin season will begin after the price of BTC reaches new all-time highs.

Bitcoin dominance has been growing since September 13. In two months, the level of cryptocurrency capitalization in relation to other digital assets has grown by 12% and is now 45%. There is a double bottom on the BTC.D chart, so the Bitcoin market cap will continue to increase. Therefore, Ethereum will lag behind BTC in terms of the rate of increase in value. ETH will go into the lead after the pump is completed in the Bitcoin market, and its value will creep down. A similar situation happened in January 2021.

eth chart

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 60 (in the neutral zone).
  • Major Support Level – $ 3,000.
  • Major Resistance Level – $ 4,000.
  • The nearest pivot points are $ 3,456 and $ 3,859.
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 3.67 out of 5)
Loading...

/ Похожие записи