Ethereum
The Ethereum price soared to an all-time high as enthusiasm in the cryptocurrencies industry rose. ETH jumped to an all-time high of $2,390, bringing its total market cap to more than $274 billion. It is still the second-biggest cryptocurrency in the world after Bitcoin.
What happened: A few months ago, I started predicting that the ETH price was set to soar to $2,500. At the time, this prediction seemed out of place as the currency retreated back to near $1,000. I repeated the prediction in my second quarter outlook for Ethereum prices.
This forecast is on track to happen this week, helped by yesterday’s consumer price index (CPI) data, strong Bitcoin prices, and the performance of DeFi, whose total value locked has surged to more than $55 billion. Also, the upcoming DeFi listing has helped bring digital currencies to the mainstream. So, what next for ETH?
The four-hour chart shows that the ETH price has been on a strong upward trend and is now about 5% below the resistance at $2,500. The price has even defied the rising wedge pattern shown in black. In technical analysis, the wedge pattern is usually a bearish signal that leads to a bearish breakout. The upward trend is now being supported by the 25-day and 15-day exponential moving averages (EMA).
Therefore, in my view, it is just a matter of time before the Ethereum price hits $2,500. If this happens, we should start focusing on the next target being at $3,000. However, in the immediate near term, we should not rule out a short-term pullback as some bulls start taking profit. The buy the rumour, sell the news comes to play.
