Ethereum Price Forecast: ETH Violates Symmtrical Triangle Pattern, Bullish Bias Dominates!

ETH/USD closed at 2103.49 after placing a high of 2129.26 and a low of 2001.85. Ethereum continued its bullish streak on Monday for the seventh consecutive session and reached its all-time high near $2130. March has been a profitable month for crypto miners who contributed to the Ethereum network. After February, Ethereum miners also experienced an excellent month in terms of revenue generation in March with a new all-time high of $1.38 billion.

According to on-chain data compiled by The Block, Ethereum miners’ revenue hit a new high in March and surpassed the previous month’s value by 0.73%. The crypto news cited that inflows from transaction fees established the sum of revenue.

Earlier in March, the upcoming Ethereum Improvement Proposal (EIP-1559) that is expected to introduce a solution for the high gas fees issue in the network remained under debate as miners revolted against this upgrade. The concerns of miners were that this upgrade could cut their profits by 50%. It is still unclear whether the developers’ team of Ethereum will push forward with the upgrade; however, until that happens, miners will continue to get benefit from the high gas fees and generate revenue.

On Monday, a former White House Director of Communications, Anthony Scaramucci, outlined a bullish stance for the future of ETH. He has been quite vocal about cryptocurrency since the end of 2020 and has also announced to launch a Bitcoin Fund through his company. Scaramucci said that there was a big market for Ethereum and he predicted that it has a good fundamental that will grow eventually.Furthermore, Ethereum was also getting support from the upward trend of BITCOIN as it tends to follow the largest cryptocurrency by market cap. The impressive uptrend in Bitcoin was fueled by the news of further adoption by some of the largest financial institutions worldwide.

Daily Technical Levels:
Support Resistance
2043.41 2139.58
1981.46 2173.80
1947.24 2235.75
Pivot Point: 2077.63ETH/USD is trading sideways at 2,115, gaining support at the 2,002 level. Violation of this level can lead the pair towards the 1,883 level, whereas the violation of the 2,135 level can lead the price towards the 2,247 level. The MACD and RSI levels suggest a bullish trend, along with the 20 & 50 EMA that supports a bullish bias. On Monday, the pair violated the asymmetric triangle breakout, which is now supporting a bullish bias in ETH/USD. The bullish breakout of 2,136 levels now can drive buying until 2,247. Good luck!
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ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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