Ethereum Price Prediction as $12 Billion Trading Volume Floods In – Where is ETH Heading Next?
The Ethereum price has dropped by 3.5% in the past 24 hours, falling to $1,667 today as the cryptocurrency market loses 2.5% amid profit-taking from investors.
Despite today's loss, ETH remains up by 5% in a week and by 2% in the last 30 days, with the market's biggest altcoin also having gained by 39% since the beginning of the year.
And with the market as a whole still carrying momentum from its rally at the start of the week, ETH could easily post further gains in the next few days, with its long-term prospects remaining as good as ever.
ETH's chart still looks good, even with today's loss, given that the coin's indicators continue to point towards further gains.
The altcoin's relative strength index (purple) has resumed climbing towards 60 after dropping from 70 overnight, a sign that today's profit-taking may not be enough to derail what could end up being a sustained period of rallying.
Another encouraging sign comes from ETH's 30-day moving average (yellow), which continues to climbing steadily higher, potentially on course to climb over the coin's 200-day average (blue).
What's especially heartening about this is that the 30-day average remains substantially below the 200-day, so ETH has plenty of room left to rise before it becomes dangerously overbought.
It's also positive that the coin did not fall back down to its medium-term support level (green), something which indicates that the asset may have entered an accumulating phase overall.
This would suggest that ETH is likely to resume gaining in the coming days and/or weeks, with the altcoin potentially on course to reach $1,700 by the end of the week and possibly hit $1,800 by the end of the month.
There are good technical and fundamental reasons to suspect this, with
Read more on cryptonews.com
