Analytics / Forex and Crypto News
Our previous predictions came true. Over the weekend, the ETH/USD pair climbed above the resistance level of 2850. This allowed to strengthen its growth and aim at the level of 3000. Today, the ETH/USD pair set a new all-time high at $3203, breaking the level of 3000. At the time of publication, the ETH/USD pair is trading in the area of $3160. In addition to the price increase, we are seeing an increase in activity on the Ethereum network. The Ethereum network, on average, processes about 1.5 million transactions per day.
On the hourly chart, the pair has broken out of the upward channel that it has been forming since the end of April and began to form an uptrend line with support at $3150.
After the rapid growth, the correction may start lower, but the “bulls” are likely to activate in the area of 3000.
With a rise above $3000 and resistance levels of 3085 and 3100, the ETH /USD pair retained the potential for further growth. However, we see that the 3200 levels is proving to be resistant for the pair.
As already mentioned, the immediate support for the ETH/USD pair is at 3150. A decline below the 3000 level could send the pair towards the 2925 and 2920 support levels.
As the Skew chart shows, there is an increase in trading in the spot market. There is also an increase in activity in the derivatives market. In the short term, institutional investors expect the price of Ethereum to rise to $5000. And by the end of this year, institutional investors predict the price of Ethereum will rise to $10000.