Ethereum Price Forecast – Triangle Pattern Breakout, Buy Limit in Place!
Arslan Butt•Monday, April 26, 2021•2 min read
ETH/USD closed at 2333.11 after placing a high of 2333.11 and a low of 2215.03. During Friday’s trading session, Ethereum started losing its balance and posted losses that extended to the next day but on Sunday, ETH/USD pulled back and recovered most of its previous day losses.
Earlier this week, Canadian regulators approved three Ethereum exchange-traded funds, and just a few days after launch, they have recorded more than $138 million in trading volume. The impressive score from Ethereum ETFs added strength in its prices over the weekend. Furthermore, the data from Messari, an online database for crypto data and market intelligence, suggested that Ethereum could reach up to $6 trillion in transactions by the end of the year. In the first quarter of 2021, its network settled about $1.5 trillion in transactions. This report also helped increase the prices of the second most popularly traded cryptocurrency on Sunday.
The recent decline in
BITCOIN led its prices below the $50,000 level for the first time since early March added pressure on the whole cryptocurrency market. Fears of a major 50% correction sent
Bitcoin below the $50,000 level that kept the
ETH/USD prices under pressure. The recently proposed tax rate hike by U.S. President Biden also imposed a negative impression over its prices on the ending day of the week.
ETH/USD Daily Technical Levels
Support Resistance
2160.26 2315.85
2108.40 2419.58
2004.67 2471.44
Pivot Point: 2263.99
The
ETH/USD pair is trading with a dramatic bullish bias at 2,481 level. It has violated the
triangle pattern that was extending resistance at 2,393 level on the two-hour timeframe. On the higher side, the formation of
bullish engulfing candles can open buying trend until the 2,647 level. The EMA and RSI are supporting a solid bullish trend in the Ethereum. The idea today is to take a buy position over 2,400 levels to target 2,647 levels. Good luck!
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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