Ethereum Price Forecast – Bullish Trend Dominates, Brace for Buying!
Arslan Butt•Monday, May 3, 2021•2 min read
ETH/USD closed at 2944.09 after placing a high of 2944.09 and a low of 2772.18. ETH/USD rose over the weekend, continued its bullish streak for the eighth consecutive session, and reached near the $3000 level. The recent surge in the second-largest cryptocurrency came in after the European Investment Bank issued its first digital bond of 100 million Euros on the Ethereum blockchain, in collaboration with Goldman Sachs, Santander, and Societe Generale, which triggered speculation that the digital currency might be gaining traction among financial institutions.
Ethereum has already gained popularity in the mainstream through NFTs, supported primarily on the Ethereum blockchain. An NFT is a unique digital token that can turn any item digital. NFTs are sold and bought via the blockchain, just like BITCOIN and other cryptocurrencies. NFTs verify authenticity and ownership by encrypting the creator’s signature on the blockchain.
Big names include Tesla’s executive Elon Musk and Twitter’s executive Jack Dorsey, filmmaker Kevin Smith, singer Boy George, brands like Funko, Charmin, Pizza Hut, Taco Bell even Marvel have acknowledged the NFT craze. The rising popularity of NFTs and famous people joining it has also played an essential role in driving the prices of Ethereum higher. Furthermore, according to reports, Ethereum miners helped acquire $1.5 billion in revenue in April and surpassed the previous high of $1.38 billion in March. This news about Ethereum mining revenue soaring to a new all-time high pushed ETH/USD prices even higher towards the $3000 level.
On the other hand, Bitcoin was also rising as it has changed its course and turned the market trend positive by reaching the $57,000 level on Friday. A combination of many factors turned bitcoin’s bearish momentum over the weekend and helped many other altcoins in their rally, and ETH/USD was also one of them as it gained a lot from the market sentiment set by Bitcoin and reached a new all-time high above $2900 near $3000.
ETH/USD Daily Technical Levels
Support Resistance
2829.49 3001.40
2714.88 3058.70
2657.58 3173.31
Pivot Point: 2886.79
The
ETH/USD pair is trading sharply bullish at 3,146 level, having violated the
ascending triangle pattern on the 4-hour chart. On the higher side, ETH/USD is likely to face the next resistance at 3,265 level, and violation of this can extend buying trend until the 3,437 level. The pair is expected to gain support at the 2,937 level today. The technical indicators such as RSI and MACD support a solid bullish trend; therefore, we should look for buying positions in the pair. Let’s consider taking a buy trade today over 2,950. 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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