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Ethereum Price Rallies 10% To A New ATH Above $4,700- Buy ETH Now

ethereum price prediction
ethereum price prediction
  • Ethereum price is up 10% over the last two days hitting record new record highs at $4,700.
  • Ethereum price prediction is bullish for the long-term as ‘hodlers’ aim for $5K.
  • The RSI displays a negative divergence which is an indication that ETH price might correct temporarily before resuming the uptrend.

The Ethereum price has risen 10% from $4,286 on Monday to a refreshed all-time high (ATH) around $4,700 on Binance on Tuesday. This rally has seen an increase in Ethereum’s market capitalisation which has 7% to $543,785,260, 941 with the daily trading volume jumping 10% to $21,282,796,749 over the two days.

Ethereum price rally continues as bulls aim for $5,000

At the time of writing, Ethereum price is hovering around $4,493 and has formed an ascending parallel channel on the daily chart. This is a significantly bullish chart pattern that is formed when an asset records successive higher highs and higher lows over an extended period. Therefore as long as the ETH price remains within the confines of the ascending parallel channel, it will rise to tag the target of the governing chart pattern close to the $5K mark at $4,968. This will represent an 11% from the current price.

However, before reaching this target, Ethereum price must slice through the selling pressure from the middle boundary of the governing channel at $4,564.

The upsloping moving averages and the position of the Relative Strength Index (RSI) at 67.94 close to the overbought region add credence Ethereum’s optimistic outlook.

ETH/USD Daily Chart

Ethereum price

However, the negative divergence displayed by the RSI is an indication that the bears are determined to push ETH price downwards. Therefore, if ETH/USD slides below the immediate support provided by the $4,300 psychological level, the price of the largest altcoin by market value may drop to tag the $4,224 support wall or the lower boundary of the rising channel at $4,180. The downward movement of the RSI validates this bearish narrative.

Therefore, ETH may take a breather at the $4,180 support level before resuming the uptrend to discover new record highs.

Immense selling pressure could see the Ethereum price lose the aforementioned support. If this happens, ETH will drop below the lower boundary of the prevailing chart pattern to tag the $3,900 support zone or the moving averages below it.

Buy ETH Now

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eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

Buy Crypto

68% of retail investor CFD accounts lose money.

eToro - Best Cryptocurrency Platform
Buy Crypto

68% of retail investor CFD accounts lose money.

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