Ethereum Price Prediction: ETH Reverses Parabolic SAR From Negative To Positive

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price has had three straight bullish sessions.
  • ETH crashed by ~50% between May 12 and May 23.
  • Between May 24 and May 26, the Ethereum price rose by $600 as it rose from $2,100 to $2,730, flipping the parabolic SAR from negative to positive. Prior to that, ETH crashed by 50%, plunging from $4,200 to $2,088. Let’s take a closer look with technical analysis.

    Ethereum Price Rally Blocked By The 50-day SMA

    Over the last two days, the Ethereum price crashed from $2,880 to $2,545 – losing almost $300 in its overall valuation. The MACD shows sustained bearish momentum, so a further drop in valuation is expected.

    Image: ETH/USD daily

    ETH/USD daily chart 052821

    Looking at IntoTheBlock’s IOMAP, Ethereum price faces immediate support at the $2,500 barrier. Previously, at this level, around 425,000 addresses had around 8 million ETH tokens.

    Image: IntoTheBlocks

    ETH/USD volume chart 052821

    Billionaire Carl Icahn Prefers Ethereum Over Bitcoin

    In a recent Bloomberg TV interview, Carl Icahn, the founder of Icahn Enterprises, praised Ethereum, claiming that it can function as both a store of value as well as a payment system. He said:

    With Ethereum, it's the underlying blockchain. So, Ethereum has two things — you can use it as a payment system, you can use it as a store of value.

    As for Bitcoin, the US-based businessman said that it could only serve as a store of value. Icahn's net worth is estimated to be $15.6 billion, and he is not the only Ethereum-curious billionaire. A few days ago, hedge fund legend Ray Dalio, who currently owns BTC, also said that transactions on the Ethereum blockchain are more efficient.

    Icahn has not yet made a foray into crypto. However, he said that he wants to do it in a “big way” eventually. He said

    I’m looking at the whole business, and how I might get involved in it…

    The billionaire investor claimed that he could put over $1 billion into digital currencies. All in all, he thinks that crypto is here to stay but warned that many cryptocurrencies issued today might not survive.

    According to a CNBC report, market forecaster Jim Bianco praised the crypto space recently. He said:

    Some of these coins like Ethereum are going to be a lot higher way down the road. But you’re going to have to stomach through much more of what we saw in the last week coming in the next several months or year or so.

    Ethereum Price Is Expected To Reach These Levels

    The buyers will need to ensure that the $2,500 support wall doesn’t break since that could trigger a crash to the 200-day SMA ($1,600), which could be catastrophic.