ETH Price Analysis: A Major Breakout of $2500 is Coming
ETH has stabilized above $2,000 mark for about 4 days. At the press of time, ETH is trading at $2,100 slightly below the all-time high of $2,150, with the market cap spiking to more than $245 billion.
The upbeat DeFi industry (most of the DeFi platforms are built on Ethereum blockchain) and the NFTs (Non-fungible Tokens) stimulate the rally in ETH price. Further, more institutional investors have jumped to the ETH world, which make it possible that the bullish trend of ETH will continue.
ETH Technical Outlook — $2,500 will be hit in April
A look at the 4H chart, it shows that ETH price is consolidating between 2,000–2,120. MACD signal lines are in parallel and seem to form another gold fork again, while RSI indicator is trending within the bullish zone.
From the 1-day chart, we notice that ETH is trying to break above the upper band of Bollinger Bands and the 3 bands are trending different directions which means ETH price will be in consolidation for a short-term. However, both the MACD and RSI indicators are giving us bullish signals.
Therefore, we predict that ETH price will soon breakout as bulls target the first resistance at $2,200 and then followed by $2,500.
Key Support Levels: $2000, $1950, $1840.
Key Resistance Levels: $2100, $2200, $2350.
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Disclaimer
The material herein is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell cryptocurrencies or derivatives. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.
