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Price Analysis

Ethereum Price Rips Sell Walls; ETH/USD Traders Predict $8k and $80k

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What a time for an Ethereum and crypto trader? 3X on ETH—HODLing alone, and several-fold increases for active ETH/USD and DeFi traders. It seems like everyone is making money–easy money in that case.

Case in point in how Ethereum prices are ripping through resistances, blasting sell walls, and posting new 2021 highs. On May 4—and rightly starting the month strongly, the ETH/USD soared above $3.3k, much to the delight of ETH/BTC traders and pure, long-term ETH HODLers.

As of writing on May 4, the ETH price is trading at over $3.3—adding 33 percent week-to-date and notably outperforming BTC—digital gold on the previous trading day.

Ethereum Price Reaching $80k is not too Far-Fetched

Even at $3.3k, Ethereum permabulls can’t get enough and are projecting another moonshot. This time, one trader on Trading View, Sporia, thinks ETH/USD can reach $80k by Apr 2022.

Sporia--Ethereum price

On his account, he thinks this price tag is outrageous. However, if ETH/USD price indicators are used for guidance on unchartered territory, then $80k–it turns out–is not futile or even unreasonable.

This time, using Gann Fan Indicator, Sporia predicts ETH to find resistance at the 2/1 ratio level.

But, even if buyers are persistent and the ETH/USD skirts this mark, odds are, ETH prices will worth a whopping $80k. But it depends on the month and the rapidity of the uptrend.

If the expansion is sharp, the ETH/USD may reach $12k as early as June 2021.

On the other hand, if the uptrend is tacit and measured, the ETH/USD price would likely peak on Apr 2022, during which ETH would be worth $80k.

ETH Traders to Prepare for $8k

Sporia‘s targets are not far away from what Junie757 predicts to happen in the next couple of months.

In his preview, the ETH/USD price will ultimately reach $8k. Nonetheless, the path towards this lofty price target won’t be smooth but rather bumpy, slowed down by corrections.

Junie757--Ethereum price

Looking on the bright side, the analyst refers to exciting developments in the weekly chart. As ETH/USD price action shows, the coin trades in a bullish breakout pattern, closing above key resistance levels. At the same time, the Stochastic indicator has printed a buy signal—deep in the oversold territory.

The Stochastic indicator is among the many tools used by traders to gauge the strength of the prevailing market trend.

This time, the printout from the oversold territory, thrusting prices above recent highs, is a marker of overall confidence and possible buy trend continuation.

In the medium term, Junie757 predicts the ETH price to peak at $8k—perhaps in the next two to three months. After that, the ETH/USD price may dump down by another 70 percent.

It would provide an opportunity for aggressive traders to buy the dips.

Using the Fibonacci extension tool, the analyst expects the pullback to act as the tension of the catapult that will force ETH even higher towards the $15k to $20k zone.

Before $8k and $80k, ETH/USD Conservatives Have Their Targets at $3.5k

Still, while fixing our eyes on the stars, we also look at the potholes at the moment. Some traders are reassessing their prognosis and placing their ETH/USD targets higher.

On Trading view, one trader—AtlasTrades— is bullish the ETH price will expand, saying the coin is in a powerful uptrend.

Atlas Traders--Ethereum price

It is practical and makes sense in that ETH/USD is now trading above $3.1k—the trader’s resistance level. In his projection, the close above $3.1k allows ETH bulls to set their muzzles on $3.5k.

And this is his primary target in the immediate term. However, this is as long as the ETH/USD price maintains a parabolic trajectory, clearing resistances spurred by FOMO.

Disclaimer: Opinions expressed are not investment advice. Do your research.

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