- Ethereum saw its average network fees surge by 300% on Tuesday, causing a dip in ETH/USD.
- On Thursday, Ethereum is trading with a bullish bias at the 3,517 level, having soared 1.77% so far.
- Forex trading market participants should look for a sell-stop below the $3424.53 level.
On Thursday, Ethereum is trading with a bullish bias at 3,517 level, having soared 1.77% so far. The day before, the ETH/USD ended at $3499.27, with a high of $3558.99 and a low of $3215.32. On Wednesday, ETH/USD reversed its course and turned green for the day after experiencing a massive sell-off on Tuesday amid the flash crash. The Ethereum price prediction remains bullish above the 3,385 level.
Check out our guide to trade ETH/USD with forex robots.
Ether’s second-leading cryptocurrency by market cap reversed its course on Wednesday after a massive sell-off during the previous session. The increased selling pressure was caused by the flash crash at Bitcoin Day in El Salvador.
A British bank report suggests a bullish bias for ETH
The price of ETH found support and reversed its course after a report published by the British bank, Standard Chartered, indicated a bullish bias for ETH in the future. The British multinational banking and financial services giant Standard Chartered published a report named The Ethereum Investor Guide written by the analysts at the bank.
According to the report, BTC and ETH share many characteristics, but the Ethereum blockchain offers a wide range of services. It includes smart contracts, decentralized autonomous organizations, decentralized finance, non-fungible token assets, and initial coin offerings.
The bank analysts have predicted that the value of Ethereum could reach $26,0decentralised structurally. This report from Standard Chartered bank added further optimism in the market and pushed ETH/USD prices higher.
For the First Time, Reese Witherspoon Buys Ethereum
The rising prices of ETH/USD could also be attributed to the news suggesting that an Oscar-winning actress, Reese Witherspoon, who is known for her roles in projects like “Walk the Line” and “Little Fires Everywhere,” has announced that she has entered the crypto space and has purchased Ethereum for the first time.
Ethereum average network fee surged by 300%
Meanwhile, Ethereum saw its average network fees surge by 300% on Tuesday. It’s mainly caused by the market collapse and a minting event of a hyped project. An NFT project named ‘The Sevens’ had its presale on the same day El Salvador made Bitcoin its legal tender on Sept. 7.
Given the presale of The Sevens, many users reported tremendously high gas fees while processing the transaction. A lot of them also complained that they lost gas so much that the transaction failed anyway.
The increased number of transactions on exchanges in an attempt to sell holdings and avoid further losses in the aftermath of the market’s latest flash crash increased the number of requests for transactions, driving up ETH fees. It happens every time there is a sudden move in either direction.
Ethereum Price Prediction – Daily Technical Levels
Support Resistance
3290.07 3633.74
3080.86 3768.20
2946.40 3977.41
Pivot point: 3424.53
Ethereum Price Prediction – Daily Technical Analysis: Fibonacci Retracement
The Ethereum price prediction remains bullish above the 3,385 level. In the 4-hours timeframe, Ethereum is likely to face immediate resistance at 3,612 levels. A 61.8% Fibonacci correction level is extending 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.
On the 4-hours timeframe, the 50-period exponential moving average is likely to provide resistance around 3,700 levels. 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 3,384 level. A bearish breakout below this level is likely to create additional room for selling until the next support level of 3,232.
Furthermore, the violation of the 3,232 level could create room for selling until the next support level of 3,010. The Forex trading market participants should look for a sell-stop below the $3424.53 level. The initial target remains at $3,384 and $3,232. Alternatively, traders can place a buy trade at or above the $3,425 level. All the best.
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