Ethereum: USD/ETH (ETH=) Price To Hit $500 By End Of Year, Parabolic Rally Will Continue
At the present price of $279, will Ethereum (ETH) bump the $500 region by the end of the year?
So far, the top altcoin tried to recover from the sharp two-day selloff over the weekend. But once again, the resistance level imposed by the $285-$290 range is proving to be a stubborn roadblock for ETH to reach higher prices.
The market has had mixed reactions. Some have managed to maintain their optimism, giving little weight to the recent tumble, while some went as far as saying that the rally has exhausted ending any chance of a parabolic run.
Still, most technical signals scream bullishness. For instance, the golden cross already appeared on ETH’s chart during the seller-dominant weekend. This pattern also appeared on Bitcoin’s on Tuesday, and the market restored BTC to its $10,000 value. Bitcoin has always been the bellwether for all cryptos, so what’s good for BTC is generally accepted as good for other cryptos as well.
Also, the case for a $500 Ether before the end of the year is asserted by crypto whale Angelo฿TC, who has a history of making accurate predictions. Angelo฿TC tweeted, “My minimum take profits as we approach 2021: BTC – $30k ETH – $500 XTZ – $10 XRP – $1. Good luck, have fun.”
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 208.42.
The projected upper bound is: 289.79.
The projected lower bound is: 233.81.
The projected closing price is: 261.80.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 59.5972. This is not an overbought or oversold reading. The last signal was a sell 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 62.03. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 1 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 35. This is not a topping or bottoming area. The last signal was a sell 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -2.680 at 259.260. Volume was 31% above average (neutral) and Bollinger Bands were 159% wider than normal.
Open High Low Close Volume___
261.770 266.660 254.990 259.260 159,058
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 263.52 188.13 176.77
Volatility: 127 81 75
Volume: 374,608 166,622 88,770
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX ETH= is currently 46.7% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 45 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.