Ethereum prices broke all resistance levels one by one in their path and made some significant moves over the weekend. Today, Ethereum price has risen above the $ 1,100 price level for the first time since 2017.
With the launch of the Beacon Chain, the update of the Ethereum network, massive support from the ETH community, and institutional demand played an important role in the recent price rally. We can say that the feature network update is effective in the price increase. Because it has been awaited for a long time and developments on the subject have prompted investors. After reaching $ 1,150, the price saw a drop, but managed to stay above the $ 1,000 level due to significant demand.
In terms of technical analysis, we no doubt see that Etherum is overbought and a serious correction is approaching. The price has surpassed the upper level of the Bollinger band showing higher volatility and the RSI is trading in the overbought zone. When a correction occurs, there is a strong possibility that the price will revisit the support at 935 and a break of this price level will open the door to the next 704 support.
When it comes to resistance, we browse the all-time high and with a move above this price level, ETH can continue to move towards the $ 1,500 price level.
Besides all this information, there are some questions in the minds of investors. Some wonder if he missed the opportunity, others wonder if it’s the right time to make a profit. First of all, it is worth remembering that withdrawal in such rapid and parabolic rises is both a healthy and expected situation. In addition, we have compiled the opinions of a few market experts for you to find answers to your questions.
What Do Analysts Think?
Selcoin (@Selcoin), one of the popular domestic analysts, drew attention to the rise of ETH in a post he made a few hours ago. Following his evaluation, he expressed his thoughts on the altcoin market as follows:
“ETHEREUM WAS 1000 DOLLARS. WAS VERY BEAUTIFUL WHAT IS ADA, XLM AND NEO. IT SHOULD BE KNOWN FROM MY TWEET AT THIS HOUR. I REPORT THAT YOU HAVE RISE FOR ALL OF WHICH COIN YOU HOLD. MONEY CONTINUES TO LEAVE ALTMARKET. I CONTINUE TO PROTECT THE POSITIONS. ”
He said he saw ETH rush toward the $ 1,250-1,350 area as resistance, according to independent market analyst Josh Rager. Besides, a clear break above the range could enable the pair to test the January 2018 high of $ 1,419.96.
Trader Stratrade (@stratrade_), also known by the Twitter crypto community, expressed a concern about the Ehereum price, noting that the value of ETH is lower than the market price:
“FOMO WILL ALWAYS FALL WITH ME WHEN THE HIGH LEVEL IS, BUT THE PRICE OF ETHEREUM IS LOW COMPARED TO THESE LEVELS.” VALUE CHANGING FROM PERSON TO PERSON, PRICE DEFINES IN THE MARKET. ”
Sharing his crypto comments on Twitter, bitcoinmaster (@stevedabitcoin) made the following comment regarding the next process of Ethereum, based on the idea of ”what will happen now”:
“FIRST; LET STOP LOSSS FOR 1055 DOLLARS WITH HEALTHY COMFORT. THAT’S THE LOWEST PROFIT LEVEL IS 1055 DOLLARS, IT IS ON THE POCKET. NOW FOMO MAKES A LAST PUMP WHEN THE FOMO COME IN. BUT, REMEMBER, TECHNICAL CORRECTION WILL COME. TECHNICAL> TEMENNİ “