Ethereum Price Prediction: Brace to Buy ETH Above Double Top $2,420?
The ETH/USD was closed at $2382.29 after placing a high of $2399.15 and $2266.72. ETH/USD continued its bullish streak for the 9th
Arslan Butt•Friday, July 30, 2021•2 min read
The ETH/USD closed at $2,382.29, after placing a high of $2399.15, and a low of $2266.72. The ETH/USD continued its bullish streak for the 9th consecutive session on Thursday. The price prediction for Ethereum is bullish on Friday, as it is testing the 2,422 level for the third time now.
Jordan Belfort’s Bullish Prediction Pushes ETH/USD Higher, towards $2,425
The second-largest cryptocurrency remained green for the day, amid recent predictions about Ether. Jordan Belfort, the infamous trader behind the movie “The Wolf of Wall Street”, made a bullish prediction about BTC and ETH. He also predicted that the massive regulations for the cryptocurrency space would enable the cryptos to go mainstream.
ETH/USD
Belfort said that massive regulations in the cryptocurrency space would prove beneficial for Bitcoin, Ether and stablecoins alike. He added that the fears of regulations were misguided. He gave an example of a junk bond market that the regulators tamed, and pointed to the growth of the bond market after that happened. According to Belfort’s latest predictions, the BTC will trade between $45,000 and $70,000 by the end of this year, whereas, for Ethereum, the trader expects ETH to reach a range between $3,700 and $4,500 in the same period. After these predictions, the Ethereum prices went up, and ETH/USD rose for the 9th consecutive session.
Ethereum Price Prediction Bullish on the Back of a Weaker Dollar
The rise in ETH/USD prices could also be attributed to the prevailing weakness of the US dollar. The greenback was lower on Thursday, declining for the 4th consecutive session, due to Fed Chairman Jerome Powell’s continued dovish stance on the monetary policy. He said that interest rates would not be raised until substantial progress had been made towards reaching the goals relating to inflation and employment, that have been set by the central bank.
Powell upheld his refusal to talk about tapering of asset purchases, to the tune of $120 billion per month, saying that it was not the right time for this discussion. Such dovish comments by Fed officials weighed heavily on the US dollar, and the weak greenback pushed the ETH/USD prices forward, due to the negative correlation between the two currencies.
On the technical side, the ETH/USD is trading with a bullish bias at the 2,395 level. It has tested the 2,425 level and failed to break above it. This level is being extended by a triple top pattern, that we can can see on the 4-hour timeframe.
The bullish breakout at the 2,425 level could lead the ETH/USD towards the next resistance level of 2,635. An upward trendline is extending solid support to the second strongest cryptocurrency at 2,320, and a bearish breakout could extend the selling trend until 2,150. Let’s consider staying bullish above 2,425 and bearish below the same level today. Good luck!
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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