- Elon Musk’s Remarks Drive Bullish Moves in Ethereum (ETH/USD).
- U.S. Dollar Failed to Leave Negative Impact on Ethereum.
- Today’s idea is to place a buy limit at 1,988 to target 2,094 and 2,150.
The ETH/USD coin extended its previous session winning streak and drew some further bids around above the $2,060.23 level. Ethereum price forecast remains bullish as Musk continues to support the top digital currency. While ‘Ethereum improvement proposal 3675’ for the Eth2 also extends support Ehtereum prices.
If you are interested in trading ETH/USD with forex robots, check out our guide.
Ethereum (ETH/USD) Quick Daily Review
The Ethereum is currently trading at $2,051.50 with a 24-hour trading volume of $17,581,201,011. Ethereum is up 2.99% in the last twenty-four hours. Since the start of this month, ETH/USD coin pair has been facing declines, trading below the 9-day and 21-day moving averages.
The daily chart shows that the coin pushes above the 21-day moving average today from the opening price of $1996 to reach the daily high at $2091. As shown in the daily chart, the ETH/USD price soared as the coin attempts to cross above the channel’s upper boundary.
The ETH/USD remains in a bullish zone despite being rejected from the resistance level of $2046. However, as long as the ETH continues to trade within the 9-day, 21-day M.A.s, the upward movement offers more possibility. The ETH prices could reach the resistance at $2400, $2600, and $2800 if we see a significant climb above the 21-day M.A.
Elon Musk’s Remarks Drive Bullish Moves in Ethereum (ETH/USD)
Elon Musk’s continuous support mainly sponsored the bullish bias surrounding Ethereum. During the B-Word conference, Elon Musk confirmed that he held multiple cryptos. The digital assets he had included Bitcoin, Ethereum, and Dogecoin. This turned out to be one of the critical factors that helped the ETH prices to stay bid.
Ethereum and Eth2 Chains Supports Bullish Trend in Ethereum
Apart from this, the investors gained confidence over the future of the ETH coin. Ethereum’s improvement proposal has been designed for the network’s future chain merge, bringing Ethereum one step closer to realizing its highly expected Proof-of-Stake (PoS) transition.
ConsenSys researcher Mikhail Kalinin created a pull-request for EIP-3675 on Github on July 22, formalizing the chain merge as an improvement proposal for the 1st-time.
The proposal would merge the Ethereum and Eth2 chains, transitioning the network’s consensus mechanism away from Proof-of-Work and empowering speakers to validate transactions. However, these positive developments regarding the Etherum future were seen as one of the key factors that kept the ETH prices up.
U.S. Dollar Failed to Leave Negative Impact on Ethereum
The upticks in the U.S. dollar failed to negatively impact the ETH/USD coin pair, at least for now. At the USD front, the broad-based U.S. dollar extended its previous-day upward rally and traded bearishly. The increasing number of COVID-19 cases involving the Delta variant and warnings over the latest lockdown tend to underpin the safe-haven assets, including the U.S. dollar.
In the meantime, the goodish pickup in the U.S. Treasury bond yields was also seen as one of the critical factors that benefitted the U.S. dollar. Thus, the upticks in the U.S. dollar turned out to be the crucial factor that cap further gain in the ETH prices.
Ethereum Price Forecast – Upward Channel Supports ETH at $2,050
ETH/USD 2 Hour Chart
Daily Support and Resistance
S3 1806.27
S2 1903.18
S1 1954.07
Pivot Point 2000.09
R1 2050.98
R2 2097
R3 2193.91
Ethereum Price Forecast – Technical Outlook: ETH Faces Resistance at $2,095
Ethereum price forecast is bullish as the upward channel on the 2-hour timeframe is supporting a bullish bias. The ETH/USD pair is gaining immediate support at the 1,989 level. This support is being extended by 50 periods of EMA (Exponential Moving Average – Red Line) at a 1,989 level.
On the downside, the breakout of 1,989 level can drive further selling until 1,925 level. The technical tools like Stochastic RSI are holding at 52.32 in the buying zone. This represents that the odds of a bullish trend remain strong. However, the ETH/USD needs to hold on to the 1,989 support level.
A breakout of the upward channel on the lower side signals selling bias in the ETH/USD pair. Therefore, the traders will be keeping their eyes on the 1,989 support level. On the upper side, Ethereum’s resistance stays at 2,094 and 2,180.
The ETH/USD price forecast remains bullish today. Therefore, the forex trading participants may look for placing a buy limit at 1,988 to target 2,094 and 2,150. All the best.
Looking to buy or trade crypto now? Invest at eToro!
Capital at risk
