Ethereum Price Prediction: Five Days And Counting For ETH At $2000+. Is The Flippening Back On The Cards?
The Ethereum price is up almost 10% in the last week to trade for $2,058 as 2:39 AM EST.
Over the last 24 hours trading volume is up 50% as the asset continues to gain attention and trading activity is increasing. The fact that price is on an overall uptrend with the trading volume also rising is a good sign., with ETH holding above $2,000 for five days in a row.
ETH remains on an overall uptrend, indicated by Ethereum price holding above an ascending trendline. Prospects for more gains remain alive as technical indicators still support the upside.
With some traders identifying a bullish flag technical formation on the weekly timeframe, optimists say it may be the last chance to buy ETH before the bull run. While it’s too soon to say the market is heading for a flippening, where Ether overtakes BTC’s market cap, things are at least looking up for ETH.
$ETH has already broken the Bullish flag on the Macro chart.
If it retests, it could be the last Buying opportunity before the bull run.
Weekly RSI has also broken the Major Trendline.
— Captain Faibik (@CryptoFaibik) November 13, 2023
Speculation of a spot Ether exchange-traded fund (ETF) continues to provide tailwinds for Ethereum price.
– ETHBTC to bleed. BTC outperforms into comment window / Jan 10
– Non-zero prob of ETH cannibalizing BTC ETF flows appears
ETHBTC will outperform today/tomorrow but after market will refocus on immediate BTC comment window date
— kwaker oats (@kwaker_oats_) November 9, 2023
This explains why the second-largest cryptocurrency by market capitalization continues to outperform Bitcoin.
#ethereum has broken through key levels recently.
Expecting a push to $2500 as it continues to lag behind #btc
Especially with the deflationary tokenomics and the potential for institutions to earn yield.
— MB Crypto (@mb_crypto) November 11, 2023
Ethereum Price Outlook With ETH Holding Above A Bullish Breaker
After a 13% hard pump on November 9, provoked by news concerning BlackRock iShares and its soon-to-be Spot ETH ETF, Ethereum price shattered past a supply zone extending from $1,864 to $2,004. The breakout converted the supply barrier to a bullish breaker.
Nevertheless, the rally ran out of steam, causing a rejection from the $2,141 range high. Now, it appears Ethereum price is coiling up for a second attempt to breach the $2,143 resistance level.
Increased buyer momentum could deliver the target for Ethereum price, potentially overcoming the $2,141 range high to clear the equal highs at $2,143. In a highly bullish case, the gains could extend for the largest altcoin by market capitalization to foray past the $2,200 and 2,300 psychological levels to tag $2,400. Such a move would constitute a 15% climb above current levels.
Technical indicators such as the Relative Strength Index (RSI) support this outlook. Its position above 50 points to a strong price strength, reinforced by the Awesome Oscillator (AO) sustaining in the positive territory. This adds credence to the bullish thesis.
Noteworthy, with the RSI above 70, ETH is considered overbought. However, it is not a sell signal until this momentum indicator crosses below the 70 mark. Meanwhile, traders with open long positions should keep them open as Ethereum price could still extend north.
On the flipside, increased selling pressure could see Ethereum price slip below the ascending trendline. A break and close below this level could plunge ETH into the supply zone turned bullish breaker under the $2,000 psychological level. A break and close below the midline of this order block at $1,938 would solidify the downtrend.
In the dire case, the slide could extend for Ethereum price to draw towards the $1,800 psychological level. Lower, the $1,753 support could provide a possible turnaround for ETH, but if it fails, the cryptocurrency could slide further to test the $1,530 support floor.
Ethereum On-chain Metric To Support Bullish Outlook
On-chain metrics from IntoTheBlock’s Global In/Out of the Money (GIOM) support the bullish outlook. As indicated in the chart below, Ethereum price has stronger downward support. Most of this support extends from $1,889 to $2,031 where 4.47 million addresses bought approximately 39.56 million ETH tokens at an average price of $1,935.
Any efforts to send Ethereum price down would be countered by buying pressure from that many addresses that bought almost 39.56 million ETH tokens at an average price of $1,935.
The data also shows that at the current rate, 88.05% of ETH holders are sitting on unrealized profit (in the money). This is relative to the 10.606% of token holders that are sitting on unrealized losses (out of the money). Meanwhile, only about 2% of token holders are breaking even (at the money). As long as there are more holders in profit, the selling appetite is bound to be low. This is especially true as the market shows optimism, first towards the much-awaited bull run and the prospects for a spot ETH ETF to launch soon.
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