Ethereum Price Forecast – Bullish Price Action Play – Brace for a Buying!
Arslan Butt•Thursday, April 29, 2021•2 min read
ETH/USD closed at 2747.41 after placing a high of 2747.41 and a low of 2669.98. Ethereum rose and extended its gains for the fourth consecutive session on Wednesday and reached above the $2700 level for the first time. It reached a new all-time high during the Asian trading on Wednesday following bullish news from European Banks. The European Investment Bank (EIB) issued 100 million Euros in bonds on the Ethereum blockchain.
The investment and development arm of the European Union, EIB’s inaugural Ethereum-based bond sale consists of 100 million Euros in a 2-year note. This was not the first time that an investment bank-issued bonds on the Ethereum blockchain. On April 23rd, Societe Generale announced that it had issued a 100 million Euros covered bond as a security token on the public Ethereum blockchain. The news that EIP issued a 2-year 100-million euro digital bond with the sale to be led by Goldman Sachs, Banco Santander, and Societe Generale added strength to ETH/USD and pushed it to a new all-time high level above $2700.
Following this news and recent price surge, the Ethereum market capitalization reached over $310 billion, which was equal to the market cap of PayPal, according to CompaniesMarketCap. Furthermore, the increased interest of institutional investors has spiked, and this has caused the number of Ethereum on the ETH 2.0 staking contract to cross 4 million Ether , which accounts for about more than $10 billion at current market prices.
ETH/USD Daily Technical levels
Support Resistance
2575.94 2706.99
2488.57 2750.67
2444.89 2838.04
Pivot Point: 2619.62
The ETH/USD pair is trading at 2,772 level, mainly trading bullish above the support level of 2,647. On the lower side, the violation of the 2,647 level can extend the selling trend until the 2,456 level. ETH/USD has recently crossed over 20 periods EMA along with the MACD and RSI that has crossed over 0 and 50 marks, demonstrating buying trend in the ETH/USD pair. On the higher side, Ethereum is likely to soar until the 2,921 level. 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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