Ethereum Price Analysis: ETH On Its Way To $2,000 Psychological Level

Daily Ethereum ETH Price Forecast

2 Min Read
Last Updated April 2nd 2021
  • The buyers have been in control of Ethereum price for seven out of the last eight days.
  • The parabolic SAR has flipped from negative to positive.

On March 25, the Ethereum price flashed a morning star pattern, wherein ETH jumped from $1,575 to $1940 – gaining almost $350 in its overall valuation. The buyers have beeb in control for seven out of the last eight days.

Ethereum Price Flashes Multiple Buy Signals

There are three major Ethereum price signals in the daily chart:

  1. The 20-day and 50-day SMAs have been flipped from resistance to support.
  2. The MACD shows increasing bullish market momentum.
  3. The parabolic SAR has reversed from bearish to bullish.

Image: ETH/USD daily

eth/usd daily chart 040221

The IOMAP shows a lack of strong resistance barriers on the upside. On the downside, there is a healthy support at $1,725 wherein 195,500 addresses bought 9.8 million ETH tokens.

Image: IntoTheBlock

eth/usd volume chart 040221

ConsenSys to Launch NFT Platform

Ethereum software solutions provider ConsenSys has recently announced a new non-fungible token (NFT) platform called Palm. The platform promises 99% efficiency over current proof-of-work networks. ConsenSys tweeted: 

We are proud to partner with @HENIGroup and @Heydayfilms on @PalmNft, a new #NFT ecosystem and studio for creators and artists. https://t.co/Wv5KBgs39S https://t.co/tX2R6s8YbN

According to the announcement, ConsenSys has partnered with the HENI Group and Heyday Films to launch the Palm NFT Studio. The venture involves an innovation lab set up to work with artists, marketplaces and rights holders to bring projects and platforms into the new NFT ecosystem.

Palm will exist as an Ethereum sidechain that is completely interoperable with the main Ethereum network. However, the project intends to transition to Layer 2 solutions for even faster transactions. It will also be available as a network selection in the MetaMask crypto wallet. 

Palm NFT Studio has also joined up with MEME, Nifty’s, Protocol Labs, Infura, etc. Joseph Lubin, the founder of ConsenSys, stated:

It is exciting to see disruptive technology like NFTs transform our relationship to content and empower content creators like never before. NFTs and DeFi can cross the chasm hand in hand with Palm, activating the worlds of finance and art and pop culture to embrace Ethereum and blockchain technology. 

Ethereum Price Is Expected To Reach These Levels

Ethereum price is going to make another foray into the $2,000 zone.

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