Ethereum Price Prediction: ETH Consolidates Above $2,300

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price faces strong resistance at $2,350.
  • The MACD shows increasing bearish momentum.
  • Between March 25 and April 15, the Ethereum price jumped from $1,570 to $2,500, gaining almost $1,000 in overall valuation. During this upward surge, ETH managed to flip the 20-day and 50-day SMAs from resistance to support. However, since April 16, the bears have taken full control of the market for four straight days, wherein it dropped to $2,165, losing $350 in overall valuation. 

    Ethereum Price Recovers After Four Straight Bearish Days

    This Tuesday, the Ethereum price jumped up from the 20-day SMA and went up from $2,155 to $2,335, regaining almost $200 in overall valuation. Along with this, ETH shows increasing bearish market momentum and the parabolic SAR shows negative market sentiment.

    Image: ETH/USD daily

    eth/usd daily chart 042121

    On the upside, the Ethereum price faces a strong resistance barrier at $2,350 wherein 1122,500 addresses had purchased around 658,000 ETH tokens.

    Image: IntoTheBlock

    eth/usd volume chart 042121

    Rothschild Investment Buys $4.75M Worth Shares of the Grayscale Ethereum Trust

    The Chicago-based asset manager, Rothschild investment Corp, has recently purchased 265,302 shares from the Grayscale Ethereum Trust. The purchase is worth $4.75 million. 

    According to an April 15 SEC filing, the firm bought 8,000 shares of the Grayscale Bitcoin Trust (GBTC), bringing the total holdings to 38,346 shares. Rothschild Investment Corp holds over $1.2 billion in its portfolio and has almost 450 open positions in the market.

    As reported earlier, Grayscale holds over $50 billion in total assets under management(AUM). The Ethereum Trust holds over $7,420 million, while the GBTC holds $41,442 million. 

    After a hyperbolic run in the last five months, Ether hit a new all-time high of $2500. Breaking its previous resistance, it soared over 13.7% last week. Though the Berlin hard fork went live aiming to solve the problem of high gas fees, users complained about syncing issues for the network nodes. 

    Ethereum Price Is Expected To Reach These Levels

    The buyers will need to push the Ethereum price above $2,350 and $2,400 resistance barriers to reach the $2,500 psychological level again.

     

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