Ethereum Price Prediction: ETH To Continue Rallying As Bulls Hold On To Crucial Support
Ethereum price has been on an uptrend since the ‘Uptober’ begun, refreshing the record highs seven times already. As things stand, investors might have to brace themselves for a sustained ETH rally as the bullish momentum does not look like it will tire soon. Although the Relative Strength Index (RSI) indicator shows that ETH was recently overbought, bulls are holding on to crucial support as profit taking takes place before Ethereum resumes its price discovery.
Ethereum Price Discovery Is Just Beginning
Ethereum continues rising as some analysists believe the biggest altcoin will hit $8,000 before the end of the year. And it appears possible because ETH rally doesn’t appear that it will support in the near-term, thanks to the market-wide support that is supporting the current trend.
Investors should, however, be warned that the RSI is correcting away from the overbought zone which is an indication that the bears are determined to pull ETH down.
Ethereum price has discovered support around $4,610 which is above the May 12 high. The have tried severally to break below this level over the last couple of days, but bulls have tightly defended this support.
At the moment, Ethereum appears to be consolidating. As long as the bulls keep ETH above the $4,610 support level, expect the token to bounce of this point to break above yesterday’s all-time high around $4,879 and try to overcome the $5,000 barrier.
ETH/USD Daily Chart
However, things may go awry for the bulls and the ETH price starts to retreat away from the $5,000 target, Ethereum might slide below the $4,610 support level. However, the asset might find support around the $4,392 level and the rising trendline that is the dynamic support line of Ethereum’s line.
The rising trendline has already successfully support Ethereum price two times and each time ETH bounced off to hit a new ATH. Should ETH drop below this trend line, expect $4,275 to give some support in the near-term and for bulls to reassess the situation.Source