The bull run in the Ethereum network has nothing less than surprising. It wasn’t to be expected that ETH would retest the $ 4,000 mark anytime soon. The fundamental potential in the Ethereum network was the only thing that helped make smart contracts a household name. With its high of $ 4,033, Ethereum was valued at $ 472 billion.
In contrast to Bitcoin, the developers of Ethreum did not want to revolutionize the legal tender status of fiat currencies. Rather, their visions were to use the growth potential of decentralized applications. Her main highlight was pioneering smart contract technology, which helped make the founder’s vision a reality of creating a computer network for the entire planet. This is roughly true because there are thousands of decentralized blockchains that work in Ethereum networks and perform validations at ETH.
Another amazing achievement from Ethereum is that it supports over 280,000 ERC – 20 tokens. There are currently 117 million ETH coins in circulation. Ethereum has finally awakened from its slumber last week and posted a 5% gain on both the 24-hour and 7-day chart valuations.
Ethereum price analysis
After maintaining its profits from a support level of $ 3,200, ETH consolidated. Historically 80% of the consolidations of ether have led to a neat outbreak. This phase gave investors ample opportunity to get in before heading out to create a new all-time high, even above the previous level of $ 4,382.
The breakout candle was pushed 5% more the day before. Getting out of a tight trading range helped create a buying mood. The resistance in terms of swing levels is in the range of $ 4000 to $ 4200.
The RSI has risen sharply and has started a short-term upward movement. However, volumes have fallen since the falling candle on September 7th. The MACD indicator on the daily charts is on the verge of a clear bullish crossover pattern that has always driven ETH valuations above 10%.
The current September 16 daily candle is uncertain given the wicks on either side, but there is a higher probability that ETH will trade to new highs before the end of 2021.
ETH on the hourly charts has risen from $ 3,200 to $ 3,600 with no signs of consolidation weakness. At the current momentum, it will test the $ 4,000 mark again in no time. On a mathematical basis, the difference between USD 3630 and USD 4030 is just under 10.10%, which can be achieved in two trading days.
Based on our Ethereum price prediction, shoppers are more likely to stick with their ETH digital collection as expected targets of $ 5,000 will be met once they cross and hold the $ 4,000 mark. The RSI on the hourly charts is immensely positive, trading at a level of 63, indicating that buying is being made in smaller time frames.