Monday, May 10, 2021

Ethereum Embarks On Fresh Increase. Why ETH to $1,500 in Near Term Is Possible

Ethereum (ETH), the largest cryptocurrency by market capitalization, embarked on a fresh increase above $1300 against the USD a few hours ago. The price of the digital currency is currently showcasing positive signs, and there is a possibility for a continued upside trend towards $1,400 and $1,500.

Ethereum (ETH) Is Showcasing Bullish Signs

In the past week, Bitcoin (BTC) and Ethereum (ETH) experienced a huge price drop below $1,200 and $33,000 respectively against the USD. This downside trend even sent the price of ETH further below $1,100, but maintained its stability above $1,000, while BTC dipped below the $30,000 price level.

Read Also: Analyst: Ethereum (ETH) Rebound Suggests Massive Upside Is Imminent

A low was formed near $1,042 before the price embarked on a fresh increase. There was a strong close above $1,200 and the 100 simple moving average (4-hours).

There was also a break above the 50% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low. There was a break above a major bearish trend line with resistance near $1,265 on the 4-hours chart of ETH/USD.

Etthereum Embarks On Fresh Increase. Why ETH to $1,500 in Near Term Is Possible
Courtesy of TradingView

Read Also: Crypto Michael Says Ethereum (ETH) Is Poised To Hit New All-Time High, Predicts When It Will Happen

At the time of publishing, ETH is priced at $1,340.37. It is close to the 76.4% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low.

A clear break above the $1,345 level could open the doors for a fresh increase above the $1,400 resistance level. In the stated case, the price could keep rising towards the $1,500 level. The next major resistance sits near the $1,530 level.

Dips Supported in Ethereum (ETH)?

If Ethereum (ETH) fails to clear the $1,345 and $1,380 resistance levels, it could start a downside correction. The first key support on the downside is near the $1,240 level.

Read Also: Fundstrat Global Strategist Says Ethereum (ETH) Has Potential to Hit $10,500

The main support is forming near the $1,180 level and the 100 simple moving average (4-hours). Continued losses could lead ETH price towards the $1,080 support zone.


Follow us on Twitter, Facebook, Telegram, and Download Our Android App.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

Related Articles

Latest Articles