Ethereum Price Forecast – Bullish Trend Dominates, Brace for Buying!
Arslan Butt•Friday, April 30, 2021•2 min read
ETH/USD closed at $2755.61 after placing a high of $2755.61 and a low of $2716.59. ETH/USD continued putting new all-time high levels for the third consecutive session and reached above the $2755 level. On Thursday, JP Morgan, a U.S. banking giant, turned highly bullish on Ethereum and noted that it had beaten BITCOIN in terms of gains this year. During April, Ethereum prices gained about 45%, whereas, Bitcoin which has market dominance due to huge market capitalization, has declined by 9% over the same period.
Analysts at JP Morgan gave three reasons that drove Ethereum prices higher and helped it to outperform Bitcoin. The first reason that was cited was a liquidity shock that hammered Bitcoin. Second, the liquidation by leveraged traders resulted in a correction of 27% and drove Bitcoin prices even lower. Third, the increased activity on DeFi and other platforms supported Ethereum prices as its network has a higher pace of transactions on public blockchain than Bitcoin. These comments from JP Morgan added strength to Ethereum and pushed it to a new all-time high near the $2800 level.
Furthermore, the New York-based exchange-traded product sponsor and asset manager WisdomTree expanded its digital asset range and launched a physically-backed Ether exchange-traded product (ETP) on two European stock exchanges, Borse Xetra and SIX. This news triggered a sharp rise in Ethereum prices and pushed them closer to the $2,800 level. On the U.S. front, the greenback was also strong onboard due to rising U.S. treasury yields. However, the gains in the U.S. dollar kept the upward momentum in ETH/USD limited on Thursday.
ETH/USD Daily Technical levels
Support Resistance
2729.59 2768.61
2703.58 2781.62
2690.57 2807.63
Pivot Point: 2742.60
The
ETH/USD pair is trading at 2,792 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 and the
MACD and RSI that has crossed over 0 and 50 marks, demonstrating buying trend. On the higher side, it 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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