- Ethereum was also dropped by over 20% after China’s crackdown orders but has firmly recovered.
- The double top pattern is keeping the ETH/USD pair bearish below the $2,445 level.
- Forex trading participants may look for placing a buy limit at 2,300 to target 2,440 and 2,550.
The ETH/USD, the second-largest blockchain network, is about to undergo a technical adjustment. That will significantly alter the way transactions are processed and reduce the supply of the ether token. Thus, it sharply boosted its Ethereum price. On Friday, the Ethereum price forecast remains bearish below the $2,440 level.
If you are interested in trading ETH/USD with forex robots, check out our guide.
Ethereum Under Pressure After China’s Crackdown
Ethereum was also dropped by over 20% after China’s crackdown orders but has firmly recovered to above 500 terahashes per second. The recovery in the hash rate suggests that some Chinese miners have completed their relocation process and subsequently plugged in.
After China’s crackdown, the New York Stock Exchange-listed bitcoin miner said they would ship 3,000 units to Kazakhstan by July. In a statement, BIT Mining said it has shipped and deployed around 3,819 units of BTC mining equipment. That with a total hash rate of 172 PH/s at plants in Kazakhstan. Thus, the progress in the hash rate tends to impact the BTC & ETH prices positively.
Jordan Belfort Underpins Bitcoin & Ethereum Prices
The gains in the ETH prices were further bolstered after the infamous trader behind the movie “The Wolf of Wall Street,” Jordan Belfort, shared his bullish view on bitcoin and ether prices.
As per the recent interview, Belfort said that he believes “massive” regulations in the cryptocurrency space would be helpful for bitcoin and ether. Therefore, fears of regulations are misguided.
Weaker Dollar Fails to Drive Bulls in Ethereum Price Forecast
In contrast to this, the bullish bias in the U.S. dollar failed to leave any negative impact on the ETH/USD coin, at least for now. The U.S. dollar managed to stop its previous-day downward rally at the USD front but remained near a one-month low.
The gains in the greenback were mainly sponsored by the market risk-off mood, which tends to underpin the safe-haven assets like the U.S. dollar. The U.S. dollar that tracks the greenback against a basket of other currencies rose by 0.11% to 91.970. Thus, the upticks in the U.S. dollar turned out to be the critical factor that cap further gain in the ETH prices.
ETH/USD 4 Hour Chart
Ethereum Price Forecast – Technical Outlook: 50 EMA Supports at $2,300
Ethereum price forecast is bearish below $2,445 level on Friday. The double top pattern is keeping the ETH/USD pair bearish below the $2,445 level.
On the 4 hour chart, the ETH/USD pair has formed an ascending triangle pattern. This pattern supports Ethereum prices at the $2,345 level; however, the breakout of this can extend the selling trend until the next support level of $2,265 and $2,145 levels.
The 50 periods of EMA (Exponential Moving Average – Red Line) is extending support at $2,300 level. The bullish bias remains strong until ETH/USD pair is holding above this.
Lastly, the ascending triangle is suggesting chances of a bullish trend continuation. Therefore, the Forex trading participants may look for placing a buy limit at 2,300 to target 2,440 and 2,550. All the best.
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