Ethereum Price Movement Analysis for 2nd April, 2021

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Since the beginning of the year, the price of Ethereum has risen exponentially. At the time of publishing, the altcoin was just above its $2,000 short-term resistance, with ETH on course to smash through it fast. This will cause ETH to rise once more, registering yet another ATH on the price charts.

ETH was valued at $1,997 at the time of publication, with a market capitalisation of more than $229 billion. In fact, the coin has risen by more than 22 percent in the last seven days, with a 24-hour trading volume of $32 billion.

Ethereum 1-day chart

On a longer timeline, it is clear that ETH has been part of an ascending channel pattern since the beginning of the year. Interestingly, if ETH breaks the $2k-resistance and transforms it to help, this would be part of the trend as the price stays within its range.

There seemed to be high resistance for the coin around $2,060, and with the market’s positive traction, this might soon be flipped to support. If the coin experiences another price correction, there are two main support levels at $1,665 and $1,557 that can benefit the price. However, at the time of writing, a shift to such a low range did not seem to be very likely.

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Rationale 

The technical indicators for ETH seemed to be positive. There was sufficient bullish traction in the Ethereum economy, and the MACD predictor had completed a bullish crossover. The Signal line dropped below the MACD line, suggesting that the price increase is likely to continue. The RSI indicator followed a similar pattern, raising its proximity to the overbought zone.

Conclusion

At press time, a new ATH for Ethereum, the world’s biggest altcoin, seemed to be on the way. ETH is projected to maintain its upward trend, with the price settling in the $2,060 – $2,264 range. In this scenario, the upper limit will be close to the ascending channel’s centerline, and the altcoin may experience more pressure at that price point.

 

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