Why ETH Could Rally Further Above $1,500?

Last Updated: 13 May 2021

Ethereum Surges to the new ATH. The price of the ethereum coin has surged more than 15% and is being traded around 1480$.  The existing CoinMarketCap rating is #2, with a $154,269,806,749 USD market cap. It has a circulating stock of ETH coins of 114,382,007 and an avg. There is no availability of supply. Ethereum is a decentralized blockchain open-source framework that features Ether, its own cryptocurrency. For various other crypto currencies, as well as for the implementation of decentralized smart contracts, ETH functions as a forum. Ethereum is a decentralized blockchain open-source framework that features Ether, its own cryptocurrency. For various other crypto currencies, as well as for the implementation of decentralized smart contracts, ETH functions as a forum.
In a 2013 whitepaper by Vitalik Buterin, Ethereum was first described. Buterin rose funding for the project in an online general audience sale along with other co-founders, secured funding for the project in an online public audience sale and formally launched the blockchain on July 30, 2015.
Fibonacci levels
It is used to predict the support and resistance levels of the market. The 0.786 level is showing good support at .0403. However, the market is looking good to go up at the moment with current price at .0425179.
RSI Indicator
 Relative strength index is a great instrument to check the momentum of the market. RSI of the ETH/BTC pair is going down from 80 level .It shows market is going to take correction at the moment. There is a strong resistance at .045. Anyone looking for entry may put its buy order near the support point of .040 USD.
Bollinger bands
Bollinger bands is a volatility analytic tool used for the technical analysis, Bollinger band of ETH/BTC pair has  touched the 1st line and inverted hammer is formed and the market will take some correction at this point. The next support here as per this indicator will be at the middle line of the Bollinger band indicator.
The market will may go further from the end if the market continues to decrease the potential. As the inverted hammer is indicating the market will go down to take correction.
Parabolic SAR
Parabolic SA is a great tool which used to check the momentum of the markets.  The pattern is still above the candlesticks that shows strong signal of the market going down for a short time. Currently, ETH is being traded at .042btc.
ETH/BTC Upcoming levels to watch
The market potential is looking good for this pair. All the indicators RSI, Bollinger bands, and Fibonacci level all are looking bearish at the moment and market will test its support levels mentioned above. However, the resistance levels are .045 USD and next support level at .040 USD range.
Note: This is just analysis and not a financial advice

Author

  • Hello, my name is Luke Handt; I am a successful Bitcoin trader, financial analyst, and researcher. I have been studying the market trends for the conventional stock exchange system globally since I was in college.

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