Ethereum Price Prediction: ETH holds steadfast above $1,200 ahead of upswing to $1,400


  • Ether is stable above $1,200 as buyers get ready for the utmost upswing to $1,400.
  • The IOMAP model reveals that Ethereum has little overhead pressure that could prevent a potential uptrend.

Ethereum has not moved much since Friday. However, support at $1,200 has remained intact. At the time of writing, the largest altcoin is trading at $1,220. The least resistance path seems upwards, but a consolidation period is expected before Ethereum resumes the uptrend to $1,300 in the coming week.

Ethereum nurtures an uptrend within a parallel ascending channel

Despite the stalling after breaking above the resistance at $1,200, ETH has generally been trending upwards within a parallel ascending channel. Recovery is set to continue if Ethereum closes the day above $1,200. Besides, the price action to $1,400 will be validated following a break of the middle boundary resistance.

ETH/USD 4-hour chart

ETH/USD 4-hour chart

On the other hand, it is worth keeping in mind that the moving average convergence divergence, or MACD, adds credence to the optimistic outlook.

This technical indicator, which follows the path of a trend and calculates its momentum, appears to be turning bullish. As the 12-day exponential moving average crossed above the 26-day exponential moving average, the odds for a bullish impulse are likely to rise in the coming sessions.

IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals no supply barrier that will prevent the second-largest altcoin by market cap from achieving its upside potential.

Based on this on-chain metric, there is only one central area of interest between $1,230 and $1,252 filled by a high number of investors who had previously purchased Ether around this price level. Here, roughly 118,000 addresses are holding nearly 386,200 ETH.

This area may have the ability to absorb some of the buying pressure seen recently. Holders who have been underwater may try to break even on their positions, slowing down the uptrend. But if Ether can slice through this hurdle, it would likely climb to $1,400.

Ethereum IOMAP chart

Ethereum IOMAP chart

On the flip side, the IOMAP cohorts show that Ether sits on top of stable support. Nearly 164,000 addresses bought roughly 8.3 million ETH between $1,121 and $1,156. This crucial area of interest suggests that bears will struggle to push prices down. Right now, the odds favor the bulls.

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

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH sizes the spotlight as BTC and XRP contemplate retracement

The hype around Coinbase’s IPO was matched by Bitcoin and Ethereum, which surged to new all-time highs. On the other hand, Ripple price faced an abrupt stop as investors began booking profits.

More Bitcoin News

Stellar aims for new all-time highs if key support holds

Stellar has enjoyed an amazing rally since the beginning of 2021 and hit a yearly high at $0.69 on April 14. The digital asset must hold a crucial support level to continue with the uptrend and reach new highs.

More Stellar Lumens News

Cardano resets before the next leg up to new all-time highs

Cardano price faced exhaustion of bid orders as it hit the base of an ascending triangle at $1.48. A minor retracement to the immediate demand barrier at $1.34 seems likely. Shattering the resistance level at $1.48 forecasts a new all-time high for ADA.

More Cardano News

Algorand Price Prediction: ALGO vies for 85% advance upon the breach of its consolidation

Algorand price is traversing a bullish pennant, hinting at an 85% upswing to $2.83. A decisive close above $1.53 will signal a breach of the pennant’s upper trend line. ALGO will kick-start a new downtrend if it slices through the 50% Fibonacci retracement level at $1.03.

More Algorand News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP