Ethereum Price Forecast – Bullish Bias Dominates, ETH to Target 1,800 & 2,000! - Forex News by FX Leaders

Ethereum Price Forecast – Bullish Bias Dominates, ETH to Target 1,800 & 2,000!

Posted Monday, March 8, 2021 by
Arslan Butt • 1 min read
The leading cryptocurrency Ethereum is trading with a slight bullish bias at 1,688 level, having crossed over a series of moving averages on the four hourly timeframes. On the fundamental front, Ethereum gained support after Meitu, a Chinese company that offers a photo editing application, purchased $22.1 million worth of Ethereum and $17.9 million worth of Bitcoins on March 5.

It looks like, Meitu is following the footsteps of Tesla and Square in buying Bitcoins; however, the Chinese app maker seems to be the first big company to purchase Ethereum, a leading crypto that operates on the Ethereum blockchain.

The leading cryptocurrencies got another boost on news that the Goldman Sachs Group intends to resume its cryptocurrency trading desk in March. The multinational investment bank, Goldman Sachs Group, suspended its crypto trading venture back in 2018.

Technical Outlook – Ethererum Price Prediction

Ether is trading at the $1,678 level, and the technical side of the ETH/USD forecast is suggesting odds of buying in the pair. On the lower side, the pair is likely to find support at 1,640 level. The same level worked as a resistance for ETH/USD and lately got violated on the release of bullish fundamentals. For the moment, the pair may bounce off over the $1,640 level to trade bullish until the next resistance level of $1,814. Continuation of an upward trend can extend buying trend until 1,985 level.

Forecasted Targets:
Daily – 1746
Weekly – 1814
Monthly – 1,985

The series of exponential moving averages (EMA) suggests a bullish trend as ETH has closed few candles over 1,622 area on the four hourly timeframes. Lastly, the leading technical indicators such as MACD and Stochastic are supporting buying trends in the ETH/USD pair. Let’s consider buying over 1,635 area along with a target of 1750, 1808, and 1,980 levels. Good luck!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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