The majority of analysts anticipate that ETH/USD could retest and surpass the March high of $4,384 before the end of the year. The factors for further strengthening Ethereum have begun to evolve with its game-changing transition to ETH 2.0. The total cryptocurrency market surpassed $2 trillion with a 7.50% increase over the last day as seen on Coinmarketcap, causing many investors to become bullish, with Ethereum contributions cited as a platform that lets software developers construct custom programs on top of its network. ETH reached a weekly high on Monday, Aug 15 climbing to the $3,341 horizon before dropping below $3,000, Ethereum has recovered back above since the prior day. At the time of publication, ETH/USD was trading at $3,270, up 7.50% over the previous 24 hours. Ether bulls argue that it is the most popular development platform, indicating the Ethereum network’s “worth not only as a platform for developers but as a global financial utility,” according to Nigel Green, the founder, and CEO of deVere Group, multinational financial advice, and asset management organization.
Key Levels
Resistance Levels: $4,000, $3,700, $3,500
Support Levels: $3,000, $2,700, $2,500
ETH/USD Daily ChartEarlier in the week, ETH/USD sold off from the historical level of resistance at $3,350, bringing the recent advance above $3,300 to a halt. However, the price is supported by the previous buying which held on the ascending trendline support at $2,960. The ETH/USD bounce in the zone may probably push it beyond the weekly barrier at $3,350 during the session or next.
If the $3,350 resistance level holds, we may witness further downside rejections between $3,100 and $3,000, while the market trade sideways and later rise. Targets are $3,400, $3,500, and $3,700 if this occurs. This could be a good swing trade idea, but it will take time to develop. On the daily time frames, technical indicators offer buying opportunities. As long as the ETH/USD is above the moving averages, the sentiment will be positive.
ETH/USD 4-Hour ChartETH has been drifting higher since hitting the ascending trendline support at $2,960. It found support after the bounce, which gives bulls hope. The bullish crossover on the 4-hour moving average (MA 50), on the other hand, signals that there may be more upside to come. To reach the horizontal resistance at $3,350, any move lower would have to close above the MA 50 at $3,170.
A decline below the 4-hour MA 50 at $3,170 would be required to reverse the near-term uptrend and give selling a foothold. On the other hand, if the moving average (MA 50) holds, bulls will be looking for a break over the $3,350 barrier to return towards ETH all-time highs at $4,384 before the year ends. The RSI is anticipated to return to the neutrality area at overbought conditions. On the positive bulls may increase their holdings at the barrier level of $3,350.
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