Ethereum Price Prediction: ETH Aims For The $1,900-Level

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Technical Analysis
  • Ethereum price Flipped Both 20-day and 50-day SMAs From Resistance To Support.
  • IOMAP shows a lack of strong resistance barriers on the upside.

Since March 25, the Ethereum price jumped from $1,580 to $1,790, gaining more than $200 in its overall valuation. During this upward surge, ETH managed to flip the 20-day and 50-day SMAs from resistance to support.

Ethereum Flips From Bearish To Bullish

During the upward surge, the Ethereum price has flipped the parabolic SAR from bearish to bullish. Flipping the 20-day and 50-day SMAs was critical since now ETH has gained two strong resistance barriers.

eth/usd daily chart 033021

Image: ETH/USD daily

The IOMAP shows us that the Ethereum price lacks strong resistance levels on the upside, so a move to $1,900 is definitely on the cards. On the downside, the 50-day SMA ($1,730) is a robust support wall since nearly 800,000 addresses had purchased over 13 million ETH tokens here. 

eth/usd volume chart 033021

Image: IntoTheBlock

Rate of New Ethereum Addresses Rising

Santiment Chart

Santiment shared the chart above to show that the rate of new addresses rising is higher than the exchange supply dropping.

“#Ethereum's network growth, which measures the amount of new addresses being created on the network, continues its long-term rise. Similarly encouraging is the fact that the supply of $ETH on exchanges continues dropping, now firmly below 20%.”

Ethereum Price Could Reach $100K Within 5 Years

Ethereum engineering and strategy consultant Ryan Berckmans recently explained how the price of Ether (ETH) could reach $100,000 within the next five years.

Berckmans Tweet

Is ETH at $100k realistic? imo, yes

Ethereum's total fees need to be $1b per day for ETH to be worth $100k from fees alone (using a 3% discount rate). That's 50x today's fees, or 20x the best ever day's fees of $50M on Feb 23.

I think we'll hit 50x total fees within five years

On March 1, Berckmans made the interesting observation that “Ethereum’s fees are worth ETH at $2850.” He then said that the reason for Ether's  price currently being below the value of the cash it generates is that the gas fees "go entirely to miners, who are on track to be paid 8% of all ETH this year.” 

He then added that EIP-1559 and Proof-of-Stake (PoS) would “fix this.” The upgrade would redirect ~35% of miner revenue to ETH holders by burning a portion of fees, he noted. 

The strategist also said that switching to proof of stake would redirect ~100% of miner revenue to ETH holders. Proof of stake validators “are so cheap that they’re effectively free compared to proof of work miners,” Berckmans had said. 

Ethereum Price Is Expected To Reach These Levels

The Ethereum price will make a jump towards $1,900.

Top Brokers in