Ethereum Price Forecast – ETH/USD Violates 50% Fibo Level, Buyers Loom!

Posted Wednesday, April 21, 2021 by
Arslan Butt • 2 min read

ETH/USD closed at 2332.14 after placing a high of 2345.18 and a low of 2058.00. It broke its bearish streak and rose on Tuesday after falling for four consecutive sessions. The latest positive news from Venmo that it has integrated buying and selling of Bitcoin and altcoins, including Ethereum and others, added strength in the whole crypto market. The digital wallet company with more than 60 million active users will enable its customers to buy, hold and sell cryptocurrencies. This news added a spark in the dull environment of the cryptocurrency market that has been continuously falling for the previous 4-5 days.

Furthermore, the Chicago-based asset manager Rothschild Investment Corp has thrown more funds into Grayscale’s Bitcoin and Ethereum Trust. According to a recent filing with the US SEC, the firm purchased 265,302 shares from Grayscale Ethereum Trust at around $4.75 million. This news also added in the gains of Ethereum prices on Tuesday. Meanwhile, Ethereum whales reached an all-time high as it explodes against BITCOIN. During the recent market crash, some traders panic-sold while Ethereum whales have continued accumulating massive chunks. This resulted in a large number of ETH holders and helped it reach a new all-time high.

Moreover, the crypto-convert JP Morgan was looking to hire skilled Ethereum developers to fill up at least 64 open positions. The US banking giant wanted to hire blockchain developers skilled in Ethereum, Corda, and Hyperledger development. Judging by the new openings, JP Morgan might be looking to follow other banks such as Morgan Stanley and Goldman Sachs that have announced offering of crypto investment exposure to wealthy clients.

ETH/USD Daily Technical Levels

Support Resistance
2129.61 2234.95
2097.06 2267.50
2044.39 2320.17
Pivot point: 2128.28

The ETH/USD pair trades at 2,303 level, having violated the 50% Fibonacci retracement at 2,249 level. On the higher side, the pair may surge to complete 61.8% Fibonacci correction at 2,319 level. The MACD and RSI are holding in a sell zone; therefore, the 2,319 level will be a significant level to watch today. Below this level, Ethereum can take a dip until 2,174 and 2,090 levels today. Good luck!