- The Ethereum price prediction remains bullish above the 3,545 level.
- On Thursday, Ethereum is trading with a bullish bias at the $3,579 level, having dropped -1.01% so far.
- Forex trading market participants should look for a buy limit above the $3,545 level.
On Thursday, Ethereum is trading with a bullish bias at the $3,579 level, having dropped -1.01% so far. The day before, the ETH/USD pair ended at $3611.32 after hitting a high of $3611.32 and a low of $3360.48.On Wednesday, ETH/USD gained for the second session in a row and reached its highest level since September 7th, the cryptocurrency market’s flash crash day. The Ethereum price prediction remains bullish above the 3,545 level.
Check out our guide to trade ETH/USD with forex robots.
Time Magazine names Ethereum co-founder the Most Influential People
Time Magazine has named Ethereum co-founder Italic Buterin one of the most influential people this year, along with musicians, world leaders, activists, and others. Buterin’s name was included on the list of innovators for 2021, alongside Nvidia CEO Elon Musk and others. This news added further gains to the second-largest cryptocurrency by market cap, ETH.
According to Crypto Parrot, a cryptocurrency trading simulator, an average of 149,843 new unique Ethereum addresses have been created daily since the beginning of this year.
On a year-to-date basis, the new Ethereum addresses were 38,256,193, accounting for about 23% of all ETH addresses. The new wallet addresses came in after the Ethereum network experienced a great inflow of retail investors, particularly in the DeFi and NFT sectors. In June, Ethereum address activity outperformed Bitcoin for the first time, pushing ETH prices higher.
EY collaborated with Polygon on the Ethereum network.
Meanwhile, EY, global professional services, and technology organisations collaborated with Polygon on developing and implementing scaling and enterprise solutions for the Ethereum network. The partnership is meant to work on Polygon Nightfall, a public privacy-based rollup.
It is assumed that integrating Polygon’s scaling solution will provide high transaction volumes with predictable settlement times and costs on EY’s platform. The growing adoption of blockchain technology has increased the transaction volume and cost on the prominent public ETH blockchain. This news added some positive momentum to the price fluctuation of ETH/USD on Wednesday.
Furthermore, the ETH/USD pair gained support on Wednesday after AMC Entertainment CEO Adam Aron announced that AMC Theatres would accept BTC and ETH for online ticket and concession payments by the end of 2021. Along with ETH and BTC, LTC and BCH will also be acceptable by AMC Theaters.
Moreover, the declining price of the U.S. dollar on Wednesday added further gains to ETH/USD. The greenback was weak across the board amid the recent cautious behaviour of investors ahead of September’s monetary policy meeting next week. The DXY reached 92.42 and added strength to ETH/USD as both share a negative correlation.
Ethereum Price Prediction – Daily Technical Levels
Support Resistance
3444.10 3694.94
3276.87 3778.55
3193.26 3945.78
Pivot Point: 3527.71
Ethereum Price Prediction – Double Top Breakout at $3,547
The Ethereum price prediction remains bullish above the 3,545 level. In the 4-hours timeframe, Ethereum is likely to face immediate resistance at 3,612 levels. A 61.8% Fibonacci correction level extends this particular resistance level.
Furthermore, the closing of candles below this level suggests strong odds of a selling trend in Ethereum prices. Previously, Ethereum was trading in an oversold zone. However, now it has come out of the oversold zone, and it is heading towards completing the 61.8% Fibonacci correction level.
The 50-period exponential moving average is likely to provide support at 3,375 levels in the 4-hour timeframe. At the same time, the leading technical tool, Stochastic RSI, is entering the buying zone.
On the bearish side, it’s likely to gain immediate support at the 3,545 level. A bearish breakout below this level will likely create additional room for selling until the next support level of 3,375.
Furthermore, the violation of the 3,375 level could create room for selling until the next support level of 3,116. The Forex trading market participants should look for a buy limit above the $3,545 level. The initial target remains at $3,725 and $3,950. Alternatively, traders can place a sell trade at or below the $3,500 level. All the best.
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