The crypto train. A carousel for many.
At over $4.3k, few would have thought Ethereum would crash back to as low as $2.1k. We are a couple of hundred bucks away from that level at spot rates.
Now, for what the future holds, traders remain split. Even so, most are optimistic, expecting a moon-swing to $4.3k and $10k in the medium term.
ETH Bulls Bogged by Platform-related headwinds
On the other hand, some are apprehensive.
For good reasons.
Ethereum might be enjoying the first-mover advantage status and whatnot. Still, there is a big impediment to utility and user experience.
Gas problems, especially, compounds the misery for newbies who have to navigate through rapids to be where they are.
Ethereum and crypto are new, and most user interfaces—unless on very few occasions—are not as intuitive as people expect them to be.
Besides the superior technology, market participants want to clip price fluctuations and profit from those movements.
It is precisely why most are optimistic, expecting ETH price gains in the next few weeks and months.
ETH/USD Path to $10k
For this, Michael Poppe, a technical analyst, thinks ETH can race to over $10k in the subsequent few sessions.
Still standing by, peak high bull cycle prediction; #Bitcoin to $350,000-450,000#Ethereum to $10,000-17,500#Polkadot to $250-350#Chainlink to $250-350#Cardano to $10-20#Zilliqa to $5-7#Elrond to $500-750#DIA to $50-75
Some might be conservative.
— Michaël van de Poppe (@CryptoMichNL) May 26, 2021
In his view, this is a very conservative prediction.
He joins a long list of other analysts who expect the ETH price to shoot higher in the upcoming sessions.
Catalysts for this rapid price expansion are pinned on several fundamental factors. While technical candlestick arrangements may favor buyers, further turbocharging comes from EIP-1559 implementation via the London hard fork and the shift to Eth2.
Layer-2 scaling efforts would also contribute positively, further helping bring down the cost of Gas in the network.
Ethereum Price will Break out and reach $3.5k
Meanwhile, YMGroup, on Trading View, is optimistic and of the view that ETH is ready to rip higher in the coming sessions.
Based on price action in the 12HR chart, the technical analyst forecasts ETH to reach $3.5k in the immediate term in a bullish continuation pattern.
At spot rates, ETH bulls have already broken above $2.3k, an immediate resistance—now support—mentioned by the analysts, and is ready to gallop higher to his price targets.
“Hold on to your ETH Longs!”
Even with dents on bullish forecasts, it is time to hold on to longs; this is according to marlenri on Trading View.
Two things, nevertheless, must be met before she comfortably adds to her long positions:
First, there is a Death Cross in the ETH/USD 4HR chart. This forms when the 50-period moving average crosses below the 200-period moving average, signaling the end of the uptrend. The problem is that moving averages are lagging indicators and may not reflect current events that positively define price action.
Second, in her view, ETH/USD prices are trending within a descending channel. In this case, therefore, prices must close above $2.9k-$3k for buy trend continuation and a breakout pattern. A firm close above $3k—ideally with rising trading volumes—may further pump ETH towards $4.3k—or May 2021 highs—in the medium term.
Disclaimer: Opinions expressed are not investment advice. Do your research.
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