Ethereum Price Prediction: ETH/USD Could Hit $3,000 if the Double Bottom Is Confirmed

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Written By: Eno Eteng (MSTA)

Jul 30, 2021, 12:32 BST 12:32

ETHEREUM ETH

Summary:

There are heightened bullish Ethereum price prediction bets as the double bottom pattern on the daily chart inches towards completion.

The Ethereum Improvement Proposal (EIP) network upgrade is almost here (August 4) and with it has come heightened bullish Ethereum price predictions. The upgrade is expected to make the fee structure simpler and easier to use for transactions on the Ethereum network.

Ethereum co-founder Vitalik Buterin has provided a timeline of roughly 6 months to merge the ETH 1.0 and ETH 2.0 networks. Ahead of the Proof-of-Stake migration, more than $14 billion is said to have been staked on the ETH 2.0 network. Validator nodes on the network are said to have risen to 200,000.

Ethereum Price Prediction Outlook

The potential double bottom on the daily chart needs confirmation via a neckline break at 2378.30. If this breakout happens, the bulls will seek a measured move that takes the ETH/USD pair above 2671.89 and 2940.68 and towards the 3167.12 completion point.

The heightened bullish Ethereum price predictions would need to wait validation of the pattern, as price has violated the neckline to the south after Thursday’s penetration close above it. If the daily candle closes below the neckline, the pattern remains unconfirmed.

Bears would then seek a further pullback that targets 2162.32, with 1964.19 serving as an additional downside target.

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Ethereum: Daily Chart

Written By: Eno Eteng (MSTA)

Eno is a certified financial technician and member of the UK Society of Technical Analysts. He loves to trade and write about stocks, Forex, and CFDs. Since 2009, he has consulted several financial companies as a trader and strategy developer. His work can be seen on several forex blogs and trading educational websites.