Ethereum continues its uptrend following the support of $ 1,200. Ether keeps investor interest at its peak with price predictions between $ 1,500 and $ 3,000 in the near term. Ethereum must stay above the 50 SMA on the 4-hour chart to continue its uptrend.
Ethereum, the largest altcoin and leading smart contract token, kept its investors on their toes as they awaited the final break to levels above $ 3,000. Some analysts recently predicted that Ether will rise to $ 10,500 by the end of 2021.
In the previous week, Ethereum surpassed Bitcoin, becoming ballistic and charting the way to an all-time high of $ 1,481. However, a correction was made soon after. As reported, the $ 1,200 support came in handy.
ETH has recovered with the help of buyer congestion at 100 Simple Moving Average on the 4-hour chart. A more comprehensive look at the price movements of the crypto asset shows trading in an ascending parallel channel.
Amidst the ongoing recovery, Ethereum climbed above the mid-boundary resistance of the channel. Seagulls stand out at $ 1,400 in the near term, but Ethereum changes hands at $ 1,345. The middle boundary of the channel provides short-term support in conjunction with the 50 SMA.
ETH / USD 4-hour chart
For now, the path of least resistance is upwards, as powered by Moving Average Convergence Divergence or MACD. The MACD line passed just above the signal line, which is a buy call. However, it is very important to wait for a confirmed deviation in ETH before entering the all-in.
An increase above $ 1,400 could help confirm the expected rise to reach $ 1,500 (the new record high). Note that Ethereum’s rise will not stop at $ 1,500, especially in CME futures scheduled for launch on February 8th.
Understand that a correction below the middle boundary of the channel will approve a fix that could send ETH to test support at the 100 SMA or the last support at $ 1,200.
Ethereum intraday key levels
Spot rate: $ 1,300
Relative change: 9
Percentage change: 0.7%
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