Ethereum Price Forecast – Bullish Bias Continues, Can we Expect $2,000 Soon?
The broad-based U.S. dollar strength was seen as one of the critical factors that cap the upside momentum for ETH. At the USD front, the broad-based U.S. dollar is flashing green on the day as bond yields increased and the U.S.’ economic recovery from COVID-19 is expected to come faster than expected, which puts the greenback at a distinct advantage. The U.S. Dollar Index that measures the greenback versus a bucket of other currencies rose by 0.03% to 92.308 by 10:56 PM ET (3:56 AM GMT). So far, the ETH/USD pair is trading well in line with our 2021 forecast.
For the time being, the $1,880 level is a critical hurdle for the buyers. A clear break above the $1,880 level could trigger further buying opportunities above the $1,910 level. Upon a bullish breakout, its price can soar to test a major resistance level of the $2,000 level.
Conversely, if ETH/USD fails to extend its bullish bias, it could start a downside correction. At the same time, initial support on the downside is near the $1,810 level. Simultaneously, the violation of the $1,810 level can extend the selling trend until $1,691 levels. On the 4 hour timeframe, the pair is likely to gain support near the trend line and $1,640. If there is a downside break beneath the trend line support, there is a risk of a drop towards the $1,650 support. Good luck!
Top 4 Brokers
