Ethereum Price Prediction: ETH Is Back Above $1,400 Psychological Level
Daily Ethereum ETH Technical Analysis
- Ethereum price managed to flip critical level from resistance to support.
- ETH managed to reverse the 20-bar and 50-bar SMA in the 4-hour chart from resistance to support.
Following repeated attempts, Ethereum price seems to be back above the $1,400 psychological level. The buyers manage to flip the crucial $1,340 line from support to resistance. Since December 23, Ethereum has jumped from $585 to $1,435,
Ethereum Price Finds Repeated Support At 20-day SMA
As shown in the daily Ethereum price chart, ETH has repeatedly found support at the 20-day SMA. After struggling to break above the $1,340 psychological level, the bulls finally made a charge and breached above the $1,400 line.
Image: ETH/USD daily
The relative strength index (RSI) shows that it still has space to move. As such, Ethereum price should move into all-time high levels again before it gets overvalued. IntoTheBlock’s IOMAP tells us that the $1,340 support zone is pretty strong since 341,000 addresses had previously purchased 7.34 million ETH tokens here.
When we see the 4-hour Ethereum price chart, we can see that the buyers could successfully flip the 20-bar and 50-bar SMAs from resistance to support. Plus, the MACD also shows increasing bullish momentum. This tells us that Ethereum price is likely going to grow more.
Image: ETH/USD 4-hour
Ethereum Shows Positive On-Chain Analytics
Ethereum seems to be flashing positive on-chain analytics. Santiment shared the following image, along with this tweet:
“Ethereum ticked back up to a high of $1,411 today & is currently +5.2% in the past 24 hours. Though there are concerns like the rising average gas fees, a positive sign is the fact that invested fiat in $ETH is at its youngest age since December, 2018.”
Grayscale Ethereum Trust Reopens
Grayscale has reopened its Ethereum Trust (ETHE) for accredited investors after halting it in December amid a historic Ethereum bull run. Users can now buy and sell shares of Grayscale’s publicly traded Ethereum Trust.
ETHE provides users with exposure to the largest decentralized smart contract platform without worrying about storage, security, or regulatory issues. This is a preferred way to invest in cryptocurrencies for many entities.
The resumption of trading is a positive sign for regulated investors looking to gain additional exposure to a growing asset class. Grayscale has also registered to open five more publicly-traded trusts based on different digital assets last week, as per a BeInCrypto report.
Although the registration does not guarantee these trusts' public offering, it reveals the direction that Grayscale is planning to move in the future.
Ethereum Price Is Expected To Reach These Levels
With so many positive signals, Ethereum price is likely going breach all-time high level and reach new heights.