Ethereum (ETH) cryptocurrency market is dominated by a bullish trend and an acceleration of the upward movement is observed. Therefore, the coin should rise to $ 2,600 by April 29th.
The dump ended on April 18. As a result, Ethereum rate fell by 23% – to $ 1,952 (Bitstamp data). Until Tuesday, ETH/USD varied in the range from $ 2,040 to $ 2,280. However, price of the cryptocurrency began to be pumped on April 20. During the first impulse, ETH/USD increased by almost 8%, the second and third – by 10%. Given the dynamics of the change in the value of the virtual currency, it can be assumed that on April 22, Ethereum will rise in price to $ 2,550.
The nearest support barrier is located at $ 2,418, which coincides with the 78.6% Fib recorded during the dump from $ 2,547 to $ 1,952. With a high degree of probability, the asset rate will bounce off this barrier and grow to 100% of the mark ($ 2,547). Then there may be a correction towards $ 2,418. Otherwise, the pump will continue and the price of ETH will reach a new record high.
In favor of maintaining the bullish trend, reinforced concrete support formed around $ 2,370 speaks. A very large number of coins were sold on Thursday, but the virtual currency rate fell by only 2.3%. On April 19, a similar volume of coins drained per hour led to a drop in value of 4.47% and 3.63%.
ETH price should rise to the bullish trend line formed by the peaks recorded on February 20 and April 16. This line is now at $ 2,602. Nevertheless, buyers may well break through this barrier. If the volume of trade remains at the current high level, then the Ethereum rocket will reach $ 2,800. In this case, the market will be in a state of overbought, so it is better to sell coins around $ 2,800 in order to avoid losses due to a fall in the asset’s rate.
Of course, the value of the cryptocurrency may be corrected in the near future. However, a significant reduction in the exchange rate is extremely unlikely. If the bears overcome the $ 2,370 barrier, the dump will fizzle out at the $ 2,250 level (50% Fib). However, during the previous bull wound, the correction did not exceed 5%.