• Ethereum price rallying on news that Visa will use its network to settle transactions.
  • March 31 breakout preceded by a symmetrical triangle.
  • Weighted social sentiment flips to slightly bullish from extremely bearish.

Etheruem price printed an all-time on April 2 on above-average for the first time since February 3. ETH has been strongly rising since last week on the news that Visa would be using the Ethereum network to settle cryptocurrency transactions. Adding to the bullish anthem were Mark Cuban’s comments about owning the token and that it’s closest “to a true currency.”

Ethereum price reclaims the psychologically important $2,000

As the second-largest cryptocurrency, ETH does capture traders’ attention. Still, the tendency to track the price movements of Bitcoin has always had it playing second fiddle to the pioneer cryptocurrency.

The ETH breakout has captured social media attention, lifting the Weight Social Sentiment from overwhelmingly bearish to marginally bullish over the last few days. In contrast, it is occurring as Bitcoin’s social media mood further declines, indicating a lack of confidence in the top coin’s short-term price potential.

Source: Sanbase

Source: Sanbase

An FXStreet article on March 31 highlighted the symmetrical triangle pattern and commented that the consolidation was nearing completion. The resulting upswing generated a 14% gain over three days and secured an all-time high.

Moving forward, ETH is quietly consolidating the breakout along the previous all-time high from February at $ $2,041.42. All-time highs can be a challenge, and the back-and-forth price action may continue in the short-term, but if the altcoin remains above the symmetrical triangle, the bullish outlook remains in play.

Upside targets begin with 1.382 Fibonacci extension level at $2,327.41 followed by the 1.618 extension level at $2,504.09. The measured move of the symmetrical triangle is slightly above at $2,559.25.

In percent terms, a rally to $2,559.25 would be a 37% gain from the breakout at $1,872.51 and a 22% gain from the current price.

ETH/USD daily chart

ETH/USD daily chart

If ETH fails, the first significant support is the 50-day simple moving average (SMA) at $1,759.63, followed by the rising trendline of the symmetrical triangle at $1.679. Additional support surfaces at the 100-day SMA at $1,525.77. 

It should be noted that the monthly Relative Strength Indicator (RSI) has reached the same overbought level as at the peak in 2018.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

SafeMoon Price Prediction: SAFEMOON has one last chance for 65% rally

SafeMoon price experienced a massive sell-off that has pushed it to slice through major support levels, jeopardizing its ability to move higher. Despite this, SAFEMOON currently sits above the last line of defense.

More SafeMoon news

Ripple to keep headquarters in US despite lack of clarity around SEC crypto regulations

While the SEC v. Ripple continues to see no end in sight, the blockchain firm is increasingly moving out of the United States. However, Ripple CEO Brad Garlinghouse stated that the firm is not giving up on the US. SEC Chair Gary Gensler believes that ...

More Ripple news

75% of Ethereum nodes prepared for London hard fork as ETH price surges above $2,700

Roughly 75% of Ethereum nodes are ready for the upcoming upgrade, the London hard fork. The ETH London upgrade is expected to take place on block 12,965,000, scheduled to occur on August 5. Ethereum price managed to slice above $2,700 for the first time since early June. 

More Ethereum news

MATIC Price Prediction: Polygon awaits a trigger that could propel it 68%

MATIC price has stayed lull after July 26 swing high at $1.137. The sideways movement indicates a build-up of pressure, which could lead to a massive move in either direction. A breakdown of the $0.90 demand barrier will invalidate the bullish thesis.

More Polygon news

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP