Ethereum Price Prediction: ETH Bulls Push Price Towards $1,500
Daily Ethereum ETH Technical Analysis
- Ethereum price has bounced up from the 20-day SMA.
- The 4-hour ETH price chart flashes three different buy signals.
Ethereum price bounced up form the 20-day SMA and jumped from $1,245 to $1,365 over the last two days. As things stand, ETH is making a sharp move towards its all-time high level that it reached last week.
Ethereum On Course To Reaching Its All-Time High Level
Ethereum price will probably reach its all-time high level again and make a jump towards the $1,500 psychological level. The relative strength index (RSI) still has some room to grow before it ventures into the overbought zone.
Image: ETH/USD daily
The IOMAP tells us the Ethereum price is well supported at $1,310 wherein 389,000 addresses had previously purchased 8.2 million ETH tokens. This level looks strong enough to absorb a tremendous amount of selling pressure.
Now, when we see the four-hour chart, we can see that the Ethereum price has flashed three different buy signals in this timeframe.
Image: ETH/USD 4-hour
- The MACD shows increasing bullish momentum.
- The parabolic SAR has reversed from bearish to bullish.
- The ETH price has managed to flip the 20-bar and 50-bar SMAs from resistance to support.
Up ahead, Ethereum price faces stiff resistance at $1,435, which had forced ETH to form the double top pattern. If the bulls conquer this line, then ETH should easily move to the $1,500 psychological level.
Billionaire Mark Cuban Talks About Ethereum And “Unlimited’ Upside of DeFi
Popular billionaire investor Mark Cuban recently shared his thoughts on Bitcoin, Ethereum, decentralized finance (DeFi), and non-fungible token (NFTs). Earlier this month, Cuban had taken to Twitter to share his opinion on several crypto assets.
Cuban had noted that Bitcoin, Ethereum, and certain altcoins can survive the current speculative bubble, similar to how startups such as Amazon, eBay, and Priceline survived the dot-com bubble while the rest failed.
He had also said that Bitcoin is a “store of a value.” In a recent CoinDesk interview, he spoke about a few digital assets. Commenting on decentralized finance (DeFi) and Ethereum, he said that he likes Ether (ETH), adding that it is the primary foundation of DeFi.
Speaking about the DeFi boom, he said:
We have to get through the wild west period, but there is so little friction in transactions vs traditional banking. If they can get away from fear of KYC and other regulations, and let the products leverage their advantages, it really could change banking, dramatically.
When asked about the overall blockchain space, Cuban said that “the upside is truly unlimited.” He added that it is a platform “for any number of amazing applications that outperform their traditional finance counterparts.”
Sharing his views on Bitcoin, Cuban said that most people could not handle volatility, whether it’s crypto or traditional assets. According to him, there is a surging pressure as the price of BTC increases.
It’s hard to spend $35k on a single BTC and not get nervous.
He added that his thoughts of the flagship crypto have not changed. “I never thought it was anything more than a store of value,” Cuban noted. On Bitcoin’s potential, he said:
Depends on how many people and institutions replace gold with BTC… The problem is that the whales control the game. There are not enough big owners of bitcoin. Too much is in too few hands. That creates market liquidity and market-maker challenges.
Reddit Joins Forces With Ethereum Foundation
Reddit, a popular social media network, is joining forces with Ethereum Foundation to scale up its Community Points infrastructure. Commenting on the partnership, Reddit said:
[The partnership] will be increasing [the company’s] commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem, and bringing the value and independence of blockchain technology to millions of redditors.
Reddit noted that the collaboration started back in June 2020 with its Scaling Bake-Off. The effort sought to use blockchain to handle the site’s community points system. Twenty-two blockchain projects had submitted proposals to Reddit. Eventually, Ethereum-based points were introduced to two subreddits: r/CryptoCurrency and r/FortNiteBR. Points represent each user’s ownership in a community as well as serve as rewards.
Reddit has now announced that Community Points will be expanded across the entire platform and that the tools used to introduce these features will be open-sourced for the public. However, the company’s detailed plans remain unclear. Aya Miyaguchi, executive director at the Ethereum Foundation, said that the team is excited about collaborative efforts.
Reddit added that it is in contact with many other blockchain projects. A site representative said:
We’ve been very impressed with the responses we’ve gotten from the scaling bake-off, and we’re in touch with a few teams to explore those options in more detail.
Ethereum Price Is Expected To Reach These Levels
With Ethereum price on the upswing, if the bulls manage to carry forward this positive momentum and break above the $1,435 resistance, they should reach the new all-time high and break into the $1,500 psychological level.