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Ethereum Price Forecast – Dramatic Selling in Ethereum, Buy Limit in Place!

Posted Friday, April 23, 2021 by
Arslan Butt • 2 min read

ETH/USD closed at 2401.94 after placing a high of 2583.38 and a low of 2357.29. ETH/USD extended its gains to an all-time high level on Thursday and reached above the $2600 level for the first time. The rising popularity of Ethereum pushed its prices to a new all-time high level on Thursday as the famous investment firm JP Morgan Chase was joining many institutions adopting blockchain technology. The company had previously taken a harsh stance on bitcoin and cryptocurrencies. After four years of calling cryptocurrencies fraud, the American investment bank hired developers for Ethereum and blockchain development.

This marked a big achievement for the crypto popularity, especially Ethereum, as the firm was looking for developers with experience writing smart contracts, implementing business applications, and verifying cryptographic protocols on the blockchain. Ethereum prices rallied and reached a new ATH level near $2600 on Thursday, making Bitcoin lose market dominance for the first time since 2018. The dominance of Bitcoin fell below 50% on Thursday amid the recent spike in the second-largest cryptocurrency in the world.

Meanwhile, a former Goldman Sachs former, Raoul Pal, also expressed his bullish sentiments about the Ethereum network. He ended his argument by stating that ETH was the best performing digital currency in recent times. In the cryptocurrency space, Pal is considered a significant influencer, and on Wednesday, he said that he wanted to sell his BITCOIN and go all-in on Ethereum. These comments from Pal also supported the rising prices of Ethereum.

Ethereum Daily Technical Levels

Support Resistance
2300.75 2420.06
2244.22 2482.84
2181.44 2539.37
Pivot Point: 2363.53

The ETH/USD pair trades dramatically bearish at 2,195 level, having dropped from 2,647 level to 2,192 level. On the lower side, ETH/USD may find immediate support at 2,072 level along with a resistance level of 2,294. The pair has recently formed three black crows pattern on the 4-hour timeframe that’s suggesting odds of bearish trend continuation. The MACD is crossing below 0, exhibiting a bearish crossover that indicates a strong bearish bias among traders. Whereas the RSI also holds in the selling zone today. Ethereum is likely to continue its selling trend until the 2,072 level before taking a bullish reversal. Good luck!