The technological outlook shows that Ethereum (ETH) is about to break through and close above the highly anticipated $2000 resistance level, which has excited investors. As Bitcoin (BTC) regains its resistance/support level of $31000, investors' interest in ETH (the largest counterfeit coin and smart contract platform) is increasing
The technological outlook shows that Ethereum (ETH) is about to break through and close above the highly anticipated $2000 resistance level, which has excited investors. As Bitcoin (BTC) regains its resistance/support level of $31000, investors' interest in ETH (the largest counterfeit coin and smart contract platform) is increasing. Most investors expect ETH to follow in the footsteps of the largest cryptocurrency, entering the second phase of recovery above $2000, and targeting the $2500 and $3000 regions respectively, continuing the upward trend of the market.
Ethereum Forecast: ETH is about to confirm a 12% price change
After recovering from the support level of $1530, ETH has completed the formation of a double bottom and is currently waiting for confirmation to break through the neck resistance level of $1745. The existence of two golden crosses, namely the 21 day moving average (EMA) (red) crossing the 1000 day moving average (blue) and then crossing the 200 day moving average (purple), also indicates that the upward trend will continue.
If investors continue to maintain ETH buying orders, it may trigger an accelerated rise in ETH to $1958, resulting in a 12.25% increase. After the breakthrough, it is expected that investors will turn to ETH, breaking through neck resistance, and trading volume will significantly increase. Currently, the Relative Strength Index (RSI) is 75, indicating a strong upward trend in Ethereum prices. But investors need to be cautious as oversold situations may occur, which may encourage profit taking or selling ETHs to protect funds.
According to the Money Flow Index (MFI), bulls have the upper hand. The index tracks the inflow and outflow of funds in the ETH market, so the continuous rise of the index means that control of the upward trend is in the hands of buyers. The MFI is currently at 76 and has not yet entered the overbought zone, indicating that there is still room for improvement. In order to ensure the current upward trend of Ethereum prices and continue to rise to $2000, the candlestick closing price within a 4-hour time frame must be above $1700.
Breaking through $2000 will become a game changer for Ethereum bulls and may become the largest counterfeit currency waiting to start a bull market catalyst. On the downside, failing to maintain support levels of $1670 and $1630 may trigger a new round of selling, falling to $1550. However, it should be emphasized that as long as Ethereum's price remains above all moving averages, the path with the least resistance is upward.
Ethereum TVL reaches $21 billion
The transition from Proof of Work (PoW) consensus mechanism to Proof of Rights (PoS) consensus mechanism has opened the door for Ethereum to a new decentralized financial (DeFi) world supported by liquid tokens such as LidoDAO and RocketPool.
Despite the long winter of cryptocurrencies, investors have shifted their attention to DeFi products on the internet, driving the TVL of the Ethereum ecosystem to reach $21.27 billion. The inflow record of the ecosystem over the past 24 hours was $45 million, while the outflow record was $1.49 million.
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