Ethereum Prediction: These Signals Can Boost ETH’s Price
The focus has been on Bitcoin a lot these days before and right after the halving.
There’s an important reason for this – the halving passed, and the markets are getting back to their normal daily fluctuations.
Cointelegraph reveals that altcoins can finally get more attention these days.
They bring up Ethereum and the native token ETH.
Ethereum was recently in the spotlight not too long ago, when enthusiasts are celebrating that physically-settled Ether (ETH) futures contracts are available.
Chicago-based exchange ErisX launched the contracts a couple of days ago, and this marks the first Ether futures contracts in the US.
ETH in the crypto market
The online publication mentioned above pointed out the fact that while Bitcoin has been acting inside a range after the halving, ETH did the very same thing.
“The price of ETH has found support in the $168–$175 area, while the price is still unable to break through the upper barrier at $215–$230,” they note.
At the moment of writing this article, ETH is trading in the red just like the other coins out there, and the digital asset is priced at $209.85.
Also, another thing worth noting is that the total market cap of cryptos is showing some impressive and significant indications of potential upward momentum.
The total crypto market cap is reportedly flipping the 2018 level for support all over again. This can be classified as the support for BTC at $6,000.
BTC’s price saw a lot of bounces at that specific level back in 2018 before the massive crash took place.
Based on this, now the total market cap is lagging behind as the price of Bitcoin is currently at $9,504.54. Cointelegraph concludes that the altcoins are lagging.
ETH price predictions
The chart that they are showing reveals an increase in volume. This means accumulation and increased interest in the asset – in other words, a bullish signal.
Regarding the upward targets for ETH, here are their predictions: “The first major target is found at $250–$252. The second major target is $280–$290 (the high in February). After that, the $320–$340 level is marked as the third level of significance.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.