- The Ethereum price prediction remains bullish above the 3,038 level.
- On Thursday, Ethereum is trading with a bullish bias at 3,154 level, having soared +0.63%.
- Forex trading market participants should look for a sell trade below the $3,150 level.
On Thursday, Ethereum is trading with a bullish bias at 3,154 level, having soared +0.63%. The day before, the ETH/USD pair finished at $3077.76, with a high of $3087.92 and a low of $2740.58. On Wednesday, ETH/USD also turned green and recovered most of its previous losses, reversing its course after falling for three consecutive sessions due to improved market sentiment. The Ethereum price prediction remains bullish above the 3,038 level.
The legendary football player and seven-time Super Bowl winner, Tom Brady, has said that he believes that the future belongs to digital technology. He also revealed that he would like to get part of his NFL salary in digital assets instead of fiat currencies. For this purpose, he said he would prefer BTC, ETH, and SOL tokens. He also predicted that more athletes would soon request cryptocurrency payments. This news favored the second-largest cryptocurrency, ETH, and pushed its prices higher across the board.
Mike Novogratz shares critical levels of BTC and ETH
Furthermore, the CEO and founder of Galaxy Digital, Mike Novogratz, gave an insight into the critical levels for bitcoin and Ethereum. According to Novogratz, the critical price level for Ethereum is $2800. He explained that as long as ETH holds above this level, it will continue to attract demand from retail and institutional investors.
Additionally, Robinhood has announced that it will soon add cryptocurrency wallets to its platform so that users can spend and trade their bitcoin and Ethereum. However, the company has said that it will test the wallets for the next few weeks.
According to Robinhood, the people on the waitlist will start getting access to wallets by the end of 2021, and they will be generally available in early 2022. On the other hand, the Evergrande issue driving down cryptocurrency market prices for the past few days appears to have been resolved, and the negative market mood has vanished.
The government of China stepped in and provided financial support to the real estate giant to meet its debt obligations due this month and avoid collapse, which could hurt not only the country’s economic condition but also the international market. The second-largest cryptocurrency globally, ETH, also followed the improved market sentiment and turned green for the day.
Ethereum Price Prediction – Daily Technical Levels
Support Resistance
2849.58 3196.92
2621.41 3316.09
2502.24 3544.26
Pivot Point: 2968.75
Ethereum Price Prediction – Daily Technical Analysis: Fibonacci Retracement
The Ethereum price prediction remains bullish above the 3,038 level. In the 4-hours timeframe, Ethereum is likely to face immediate resistance at 3,195 levels. A 50% 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.
At the moment, Ethereum is trading in an overbought zone, and at the same time, it’s getting rejected below 50% Fibonacci retracement level of 3,160. The chances of a bearish correction remain strong on Thursday. Besides, the ETH/USD’s 3,038 breakouts can trigger a sell trade until 2,882 level. A 23.6% Fibonacci retracement level is marking this level.
On the bullish side, a breakout of 3,154 level extends buying trend until 3,371 level. This level marks 61.8% Fibonacci retracement and can trigger a sell-off below this. On the 4-hours timeframe, the 50-period exponential moving average is likely to provide support of 3,038 levels. At the same time, the leading technical tool, Stochastic RSI, has entered the overbought zone.
Thus, the Forex trading market participants should look for a sell trade below the $3,150 level. The initial target remains at $3,038 and 2,885. Alternatively, traders can place a buy stop at or above the $3,160 level. All the best.
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