The overall cryptocurrency market trading mixed signals, with flagship currency trading above $52k. Altcoins were going through a consolidation phase with Ethereum price trading at $3,860.49 with a 2% drop.
On the other hand, Solana emerged as the best performer after a 20 percent gain.
ETH Price Analysis
A mixed start to the day saw Ethereum rise to an intraday high of $3,973.26 before hitting reverse. Falling to break the first major resistance level at $4,011, Ethereum fell to $3,868.00. Coming within range of the first major support level at $3,864, Ethereum briefly revisited $3,970 levels before easing back.
Ethereum price is continuing to consolidate as it prepares to breach $4,000 and climb higher. The altcoin will likely maintain a bullish trend as bulls target the all-time high at $4376, which is nearly 11% above the current level.
For the past five days, Ethereum has been in the overbought zone. At present ETH price is in the correction phase as the price fluctuates between $3,860 and 3,990. The altcoin will likely hit ATH if the price breaks the $3,990 level.
On the flip side, If ETH fails to break this level and selling pressure increases the price will fall to the low of $3,860. Ether will continue to fall to $3,780 if the current support is broken. Currently, the cryptocurrency is trading at $3,950.
- Key Support Levels – $3,900, $3,700 zone.
- Key Resistance Levels – $3,965 and $4,000.
It is hard to say if the EIP1559 plays a role in the steady price recovery without leveraged buyers pushing the market. But currently, it looks like steady spot buying is slowly but surely pushing prices above the $4k mark
Will Ethereum Repeat the 2017 Price Action?
Nicholas Merten, a popular crypto analyst, and trader has foreseen a notable surge in Ethereum Price, in the coming months as the digital asset continues to showcase bullish signs.
According to Merten in a new video shared with his teeming YouTube subscribers, Ethereum (ETH) has the potential to surge 400% from its current prices. The crypto strategist stated that the top cryptocurrency is about to replicate the bull run of 2017.
Merten is also bullish on Ethereum (ETH) in its Bitcoin pair. According to the trader, ETH has the potential to hit its all-time high of 0.15 BTC worth $7,792 at the time of press. if we have a more conservative estimate of $10,000 or $15,000, we’ve clearly set the stage for higher highs here in the sense of the dollar pair.
As per the Analyst :
Ethereum is still holding around its midline here, showing that it’s probably going to – just like it did back here in 2017 – formulate and set the stage here to continue climbing higher towards a much bigger even level.
ETH price has made a nice rebound back at $2,844, and now the price is almost near to hit ATH. This is again signaling the cupping price action that scoops back up and starts to pick up the momentum.
Also, an Trading view analyst climbed that, In 2017 ETH made a huge ascending triangle that gave us a push to the 2017 highs. I believe we’ll hit that pattern again in 2021, creating an ascending triangle that will push us to the $10,000.
Ethereum Leading The Weekly Inflows
In the last week, Cryptocurrency investment products witnessed an inflow of $98 million, indicating the investor sentiment has continued to be positive. Ethereum has taken the lead in weekly inflows, as altcoins have gained popularity among institutional investors.
Ethereum has seen the 3rd consecutive week of inflows with a total of $14.4 million. It is now leading the altcoin pack with a record market share of 28%. Although some investors have concerns about the protocol, ETH dominance continues to climb.