Ethereum Price Prediction: ETH bulls aim for $580 to reverse the downtrend


  • Ethereum price is currently contained inside a symmetrical triangle pattern formed on the 30-minutes chart.
  • The entire cryptocurrency market aims to bounce back up after wiping more than $90 billion in the past 48 hours.

Ethereum managed to reach a new 2020-high at $623 thanks to the upcoming Eth2 upgrade and the bullishness of the market. Unfortunately, the digital asset suffered a 22% correction down to $481, but it’s trying to bounce back up.

Ethereum price needs to crack this critical resistance level to climb towards $580.

On the 30-minutes chart, ETH has formed a symmetrical triangle pattern and the current price of $515 seems to be favoring the bulls. Ethereum price just climbed above the 50-SMA, turning it into a support level for the first time since November 27.

eth price

ETH/USD 30-minutes chart

The upper boundary of the pattern at $522 coincides with the 100-SMA which adds more strength to the resistance level. A breakout above that point would quickly drive Ethereum price towards $580 with a 10% move.

On the other hand, if bulls fail to defend the 50-SMA support level, Ethereum price could dip to the lower boundary of the symmetrical triangle pattern at $500, which is also a strong psychological support level. A breakdown below this point would push ETH towards $450.

eth price

ETH IOMAP chart

The In/Out of the Money Around Price chart shows very little support on the way down without any significant range until $452, which seems to confirm the bearish outlook mentioned above. To the upside, there is a strong resistance area between $543 and $559 which adds some selling pressure to Ethereum.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA targets 900% bull rally, but it must clear $0.33 first

Cardano had a significant rally towards $0.355 at the beginning of 2021. After a notable dip to $0.228, bulls bought it and managed to push Cardano price to $0.33 again before a small rejection.

More Cardano News

Ethereum price aims to flush out doubters before the ultimate breakout to $2,000

Ethereum bulls bought the dip on January 11, pushing the digital asset from a low of $915 towards $1,256. The smart-contracts giant has been outperforming Bitcoin in the past 24 hours despite the negativity seen on social media.

More Ethereum News

XLM Price Prediction: Stellar consolidates ahead of a 30% move

XLM price trades at $0.291 at the time of writing after a healthy consolidation after hitting a 2021-top at $0.411. There is a high chance that XLM is about to see a massive breakout or breakdown within the next 24 hours.

More XLM News

Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. The panic sell-off was stopped on its tracks at the 26-EMA on the daily chart as bulls quickly bought the dip and created a V-Shape recovery pushing BTC towards $40,100 again. 

More Bitcoin News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC price faces extreme volatility ahead of a new all-time high

Bitcoin had a wild run this week, dropping from a high of $41,350 to a low of 30,420 in less than 48 hours. 

Read the weekly forecast

BTC

ETH

XRP