The current bull run of the second most popular cryptocurrency, Ethereum, has been likened to its 2017 move by some analysts. IOMAP data raises expectation on ETH price by showing high support levels. A price move below $ 2,041 could result in a pullback. Ethereum price is trading at $ 2,150 levels at the time of our report.
Short and Long Term Prospects for Ethereum Price
Ethereum (ETH) price has recorded an explosive price break from the symmetrical triangle pattern despite low volume figures since last week. Experienced analysts reported that Ethereum maintains its target of $ 2,500 in the short term. However, the ETH price has anticipated big targets in the long run.
As of the past day, ETH price hits a new all-time high at $ 2,197. In addition, it is predicted that the second most popular crypto currency will reach these levels with a wider acceleration. Also, the smart contracts giant’s new record came after it broke the critical level of $ 2,041.
Key Support and Resistance Levels in Ethereum
IOMAP data show no resistance in the short term due to the proximity of high levels. However, analysts noted that it is of great importance to establish a strong level of support in the price channel, where 371,000 addresses receive 12 million ETH between $ 2,044 and $ 2,074.
The current outlook in technical formations shows that Ethereum (ETH) price could climb up to $ 2,507, up 20% in the ongoing uptrend. Experts claim that ETH price may see $ 3,253 levels in the upcoming periods in the ongoing upward break. However, the volume figures that restrict ETH’s upward momentum can be expected to reach the target. On the other hand, in a possible selling pressure, the ETH price may retreat to the 2018 high of $ 1,326, with a free fall starting at $ 1,805 on the 10-week simple moving average.