Ethereum price today has maintained its positive price action and hints at a strong price performance even in the longer timeframes. Adding to this, top analysts are now highly optimistic about the future of ETH token.
This brings down the million dollar question “Is Ethereum a good investment?” and “How high will ETH go?” In this article, we will understand the technical and market sentiments of this altcoin. Moreover, we will uncover the possible short-term ETH price prediction.
Analysts Turn Bullish On ETH Crypto!
While Ethereum price records a stable action over the past few days, the ETH crypto hints at a strong bullish projection during the peak of the ongoing crypto bull run.
As per the latest reports, Ethereum whales holding between 10,000 and 100,000 ETH tokens are accumulating heavily over the past few weeks. This highlights an increase in the positive outlook for this altcoin in the longer time frames.
On the other hand, Ethereum is now going toward the ‘buy the dip’ range in the daily time frame. Reportedly, the $2,400 is the area where the buying pressure is the highest in terms of accumulation before the next run towards $4,000 kick starts.
Ethereum Price Holds Above $2,500
Over the past 24 hours, the ETH coin price has jumped over 5.50% with a trading volume of $28.87 billion, a change of +55.59%. Moreover, it has surged over 55% in the last 30 days. With a market capitalization of $303.56 billion, this altcoin has a market dominance of 9.101%.
The Relative Strength Index (RSI) continues hovering around the overbought range in the daily time frame with its average trendline experiencing a positive crossover. This suggests an increase in the bullish pressure for the altcoin in the crypto market.
Adding to this, the Cross EMA 50/200-day is on the verge of experiencing a Golden Cross in the 1D time frame. Considering the present market sentiments, this altcoin may continue gaining value in the upcoming time.
Will ETH Price Surge Soon?
A sustained bullish action could result in the ETH coin price heading toward its immediate resistance level of $2,750. Maintaining the price above that level could push the price toward its upper price target of $3,000 this month.
On the contrary, if the bears outrun bulls, the largest altcoin could drop toward its support level of $2,430. Furthermore, if the bulls fail to regain at that point, this may result in it plunging toward its lower support level of $2,100 in the upcoming time.
Also Read: Bitcoin, ETH, XRP Price Prediction: Weekend Breakout Ahead?
