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- 1 The amount of Ethereum transacted across all tracked platforms in the previous 24 hours is 22.24 Billion.
- 2 Ethereum price is about to close a large weekly bullish candlestick, which is above $2,500.
The Ethereum price has been in bullish mode and getting backed by a 10% monthly increase in market capitalization, which is at 341.80 Billion. The market capitalization is very high as compared to other projects, and that makes Ethereum much safer than the rest.
Similarly, the amount of Ethereum transacted across all tracked platforms in the last 24 hours is 22.24 Billion. This shows that the Price of Ethereum is increasing as the market has higher trade volume, which means higher liquidity with better market scenarios for both buyers and sellers.
In the same way, the website of Coinmarketcap highlights its 24-H volume to market cap ratio at 6.44%, the circulating supply is 120,1665,596 ETH, and the fully diluted market cap is at $341,950,283,493.
Ethereum coin’s open interest is at $10.25 Billion. As per Coinglass, another crypto analysis website, it increased by 3.56% in the previous session. The long versus short ratio for 24 hours is 1.0028. The short liquidation is $19.91 Million, versus $7.41 Million for the long liquidation. These data verifies the recent bullish pump in the Ethereum coin.
ETH Price Prediction Over 1-Week Chart: Is $4,000 in the Cards?
The weekly Ethereum chart highlights that the price has been surging from the demand zone at $1550, and later invited more liquidity after sustaining for a few weeks at the above level at $2150. Therefore, the recent pump is the result of this weekly accumulation of buyers.
In particular, the ETH chart shows that this week’s candle is portraying strong bullishness and has been attempting to cross above the parallel channel. Therefore, as per the Ethereum price prediction, if this week’s candle closes above the channel, the next big target would be $4000, and this could be reached either by the end of February or March, depending on the buyer’s and seller’s volume.
Ethereum Price Prediction Over 1-D Time Frame
With reference to the weekly Ethereum price prediction, the daily ETH chart exhibits more bullishness possibility, as the crypto has revealed a giant recovery as the price rallied from a crucial level of around $2150 on the chart.
Ethereum looks like it is set for a colossal increase, as its price momentum is rising upward strongly and seems more geared to crack the resistance level and rocket to new peaks from the current support zone.
Likewise, the ETH price prediction is exhibiting peak bullish strength, and buyers are displaying strong rising capacity as it holds enormously above major 20 and 50-day EMA bands, over the daily ETH chart.
Moreover, the Ethereum price USD is displaying bullish behavior as MACD is showing a bullish crossover with a strong histogram rising graph. Besides, the MACD line is at 113.6, the signal line is at 61.0, and the histogram is at 52.6.
The RSI is showing overbought conditions due to the recent strong pump and highlights that it could show some consolidation, which will bring the RSI curve towards the positive territory beneath the 70-level range and above the 50-level range.
Upon analyzing the asset, the ETH price prediction highlights more bullish signs and illustrates that the buyers have the potential to grow the asset’s price further over the ETH chart.
Correspondingly, it has performed well in the past week, month, and quarter, by 17.66%, 10.05%, and 45.22% respectively, indicating a strong uptrend. At the time of publishing, the ETH price is experiencing a surge of 0.74% in the last 24 hours, and CMP is trading at $2846.8.
Therefore, if the demand for the ETH Price remains high at the peak, the asset price could continue advancing from the current level. The next goal for the price could be to reach $3150 on the daily chart.
Despite the bullish ETH price prediction, a close below $2,600 will lead to a 20% drop and could lead to $2200 as well.
Summary
As per the Ethereum price prediction over the weekly chart, if this week’s candle closes above the channel, the next big target would be $4000 and this could be reached either by the February end or by the March end, depending on the buyer’s and seller’s volume.
Likewise, the daily ETH chart exhibits more bullishness possibility as well, since its price momentum is rising upward strongly and it holds an enormous rally above major 20, and 50-day EMA bands.
Therefore, if the demand for the ETH Price remains high at the peak, then the next goal for the price could be to reach $3150 on the daily chart.
Technical Levels
Support Levels: $2,600
Resistance Levels: $3150
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
