ETH has a market capitalization of $187,301,799,212 and is the second largest currency by value. Past Trends The past week was positive for Ethereum (ETH). The ETH price surged by approximately 23% and closed at $1611.62 on February 7, 2021. In the past 24 hours, ETH price fluctuated within the price range of $1490.46 – $1655.77. CME launched ETH futures trading on February 7, 2021. This event may positively impact ETH price. https://ift.tt/2MEsF09 What Lies Ahead for ETH Currently, ETH is trading at $1628.97. The price is up from the opening price of $1611.46. Thus, the price is on an upswing. However, the SMA and EMA lines are below the price line. Hence, price pullbacks may intermittently occur as a part of the price correction process. The RSI indicator is slightly above 70%. It is moving into the ‘overbought’ region implying high buying volumes. It may fall back as price correction occurs. However, with high buying pressures the uptrend will continue with intermittent price retracements. The rising A/D and OBC indicators are giving credence to an upward movement in ETH price. Whale accumulation is continually increasing. Thus, bullish momentum of the price will continue. The MACD and signal lines are having high positive values. A bullish crossover by the MACD line over the price line further confirms a bull-run. The AO indicator is positive with strong ‘buy’ signals since the past 3 hours. The ADX line is also steadily rising again after falling steeply a few hours back. A rising ADX line coupled with a rising price line implies a healthy market. Thus, all the oscillators are pointing towards a price uptrend. Currently, the ETH price is well above the Fibonacci pivot point of $1585.95. We can expect it to break out of the first Fibonacci pivot resistance level of $1650 by the end of the day. It is likely to go past the consecutive Fibonacci pivot resistance levels of $1688.11 and $1751.26 respectively by tomorrow. The price has breached the 23.6% FIB retracement level of $1616.76. If it manages to break out of the 23.6% FIB extension level of $1694.78 by tomorrow, then the ETH price is poised for reaching new highs in the coming days.
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