Key points:
Ether (Ethereth) Prices have been around for a few days, but institutional investors seem to be accumulating. Ethernet Switch Products (ETP) Recorded inflows of $225 million According to Coinshares data, in the mid-week trading from Friday to Friday. This is the 11th consecutive week entering Ether ETP.
Can the continued purchase of Ether ETP drive prices higher than elevated resistance? Let’s analyze the charts to find out.
Ether price forecast
Ether has been holding above the 20-day exponential moving average ($2,507) over the past few days, indicating positive sentiment from traders.
The Bulls will have to quickly raise the price above the $2,635 level to open the door to reach an overhead of $2,738. Sellers are expected to pose a strong challenge in the $2,738 to $2,879 area.
The downside is that the EMA was resting and closed for 20 days, which shows that the Bulls have given up. This will increase the risk of decline to $2323. Buyers may appear between $2,111 and $2,323.
Related: XRP price must break this critical level to recover $3
The ETH/USDT pairs form a symmetrical triangle pattern on the 4-hour chart, indicating the hesitation between the bull and the bear. Advantages will tilt at rest, prefer the bulls, and approach the triangle. If that happens, the two could emerge towards a $2,751 model goal.
Instead, if the price drops and drops below the triangle, it means that the advantage has tilted the bear. The couple could then fall to their target target of $2,364.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
