Ethereum Price Prediction: ETH Willpower For $2,400 Soars Despite Delay At $2,000

By John Isige
Published July 15, 2021 Updated July 15, 2021
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Ethereum Price Prediction: ETH Willpower For $2,400 Soars Despite Delay At $2,000

By John Isige
Published July 15, 2021 Updated July 15, 2021
  • Ethereum price bounces off support at $1,850 amid ETF approval in Brazil.
  • Ethers short-term technical levels flip bullish, propping the uptrend toward $2,400.

Ethereum price revisited areas under $2,000 on Wednesday, whereby support at $1,850 was tested. The decline occurred alongside widespread correction in the market. For instance, Bitcoin plunged to $31,600 while Ripple lost ground at $0.6 to trade around $0.59.

At the time of writing, Ethereum trades at $1,987 after losing recovery momentum at $2,000. Although the barrier at this level seems formidable, bulls are ready for a massive uptick that may see Ether brush shoulders with $2,400 before the week’s trading comes to a halt.

How Ethereum Price Bulls Plan To Lift To $2,400

Ethereum is teetering within the confines of a descending parallel channel. The upper boundary limits upward movement while the middle border provides immediate support. A break above $2,000 needs to be confirmed to assure investors that ETH is ready to rock toward $2,400.

It is worth keeping an eye on Ethereum’s short-term technical picture. For instance, a golden cross pattern will likely come into the picture as the 100 Simple Moving Average (SMA) crossed above the 200 SMA on the four-hour chart. This will imply that the incoming uptrend may last longer, allowing Ether to consolidate higher than $2,200.

ETH/USD four-hour chart

ETH/USD price chart
ETH/USD price chart by Tradingview

At the same time, the Moving Average Convergence Divergence (MACD) indicator has a vivid bullish outlook. The formation came into play when the 12-day EMA crossed above the 26-day EMA. This buy signal calls more investors in the market, adding weight to the tailwind championing Ether toward $2,400.

QR Capital, a blockchain investment company, has been cleared to list an Ethereum exchange-traded fund (ETF) on the Brazil stock exchange by the markets regulator. The new product will list on B3 exchange, a Sao Paulo-based exchange under the ticker QETH11.

It becomes the first Latin America Ethereum ETH and will see QR Capital utilize institutional custody at the Gemini exchange. Investors buying the product will not have to worry about private keys because the firm will buy Ether on their behalf.

As the market sunk on Wednesday, this news slightly boosted Ethereum price from the support at $1,850 to $2,000. Ether is expected to lift further as the product begins trading.

Ethereum intraday levels

Spot rate: $1,978

Trend: Bearish biased

Volatility: Growing

Support: $1,850

Resistance: 2,000 and $2,400

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1164 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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