Positive news flow, changes in investor sentiment, and steady ETH ETF purchases could help Ethereum rise above $2,700.
Key points:
Ethereum is trying to establish a new trend, but bulls need to ensure that the daily closing price is above $2635 first.
Ethereum's price has been hovering within a range for several days, but institutional investors seem to be quietly accumulating. According to CoinShares, for the trading week ending Friday, ETH exchange-traded products (ETPs) recorded inflows of $225 million. This marks the 11th consecutive week of inflows for Ethereum ETPs.
Will continued buying of Ethereum ETPs push the price to break above resistance? Let's analyze the charts to find out.
Ethereum Price Prediction
Ethereum has maintained above the 20-day Exponential Moving Average (EMA) ($2507) for the past few days, indicating positive sentiment among traders.
Bulls need to quickly push the price above $2635 to open the path to resistance above $2738. Sellers are expected to pose a strong challenge in the range of $2738 to $2879.
On the downside, if it breaks and closes below the 20-day EMA, it indicates that bulls have given up. This increases the risk of the price dropping to the strong support level of $2323. Buyers may emerge between $2111 and $2323.
The ETH/USDT pair has formed a symmetrical triangle pattern on the four-hour chart, indicating indecision between bulls and bears. If it breaks out and closes above the triangle, the advantage will lean towards the bulls. If this occurs, the pair could surge to the pattern target of $2751.
Conversely, if the price falls and breaks below the triangle, it indicates that the advantage has shifted to the bears. The pair could drop to the target of $2364.