Ethereum Price Prediction
The price of Ethereum has been on a roll over the last week. The largest altcoin asset registered its highest weekly hike of 40 percent, surpassing multiple key resistances in the process. The asset was able to gather momentum before Bitcoin itself and currently held its own at the upper end of the price point.
ETH has already taken over its previous yearly high of $289, contributing to an uncharted trading range for the year. At the moment, Ethereum is valued at $318 with a market cap of just under $36 billion.
ETH 1-day chart
The long-term chart of Ethereum describes the recent breakout that took place on the 22nd of July. For over a month, Ethereum’s valuation maintained movement between the trendlines of an ascending triangle. After a bullish squeeze development from 20th-22nd July, the price breached out of the pattern and surged in the charts.
Resistances at $276 and $304 were surpassed in the process, as a new yearly high was registered. After seven days of consecutive green candles, Ethereum witnessed a minor setback on 28th July, but the asset continued to maintained movement between the range of $335 and $318.
The 50-Moving Average continued to be above 100-Moving Average, indicating a strong bullish trend at the moment.
ETH 4-hour chart
Now, even though Ethereum had registered a decline in charts in the last few hours, another bullish pattern in the chart that help the asset re-test resistance at $335. As shown in the 4-hour chart, a bullish pennant is taking place in the charts and a positive upward trend following a pattern breach may allow Ethereum to ascend towards $335.
$335 was the yearly high registered during the rally of 2019 hence surpassing that price point who indicates Ethereum’s highest position in the past one year.
The decreasing trading volume alongside the price drop over the past day is suggesting bullish divergence as well.
The market indicators for ETHwere contrasting bu insightful. MACD on the 4-chart was unsurprisingly bearish due to the current correction period but for Ethereum’s Relative Strength Index, it was a different situation.
The RSI continued to remain under the momentum of buying pressure and the index appeared to undergo an incline again. A trend reversal is possibly approaching as ETH catches its breath in the market.
For ETH, the time is perfect to surge above $335, before a major correction period takes over.