Ethereum Price Prediction: ETH Teases Launch To $4,000 As Discussions Balloon

By John Isige
Published September 1, 2021 Updated September 1, 2021
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Ethereum Price Prediction: ETH Teases Launch To $4,000 As Discussions Balloon

By John Isige
Published September 1, 2021 Updated September 1, 2021
  • Ethereum lifts above stubborn resistance at $3,400, opening a path to $4,000.
  • Social media mentions surrounding ETH spike to levels seen in early August.

Ethereum jumped to a 14-week high of $3,484 on Tuesday following a confirmed break above $3,200 on Monday. The gigantic smart contract token swung above the prevalent resistance provided by the 61.8% Fibonacci resistance level, paving the way to a new August high.

Ether is trading at $3.415 following a correction from the highs mentioned at the time of writing. The breakout above $3,400 is believed to be the gate pass for Ethereum to rise to $4,000. However, bulls seem to have run out of momentum. All the same, higher support, preferably at the same zone, will keep the upward trajectory intact.

Ethereum Sees Spike In Social Volume

Ethereum was the best performing major asset in the previous week, according to data analysis platform Skew. Ether beat Bitcoin performs due to the mitigated retreat toward $3,000 as the market trimmed gains.

Meanwhile, the rise above $3,400 sparked increased discussions surrounding the largest altcoin. The spike in social volume across platforms like Twitter, Telegram, and crypto subreddits comes after a week of calmness.

Data by Santiment shows that the volume hit 4,144, dwarfing the previous high of 3,892, recorded on a 90-day trailing average. Social media mentions give an insight into the interest investors are having toward a crypto asset. The price tends to rally in tandem with increasing social volume.

Ethereum Social Media Mentions

Ethereum Social mentions
Ethereum Social mentions by Santiment

Ethereum is trading above a previously stubborn resistance; thus, with a slight push, it could quickly close the gap to $3,400. The Moving Average Convergence Divergence (MACD) indicator adds credence to the bullish outlook. An incoming buy signal will call more investors into the market, propping Ether for extended action to $4,000.

ETH/USD Daily Chart

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

The Relative Strength Index (RSI) shows that Ether is not overbought yet. The neutral position suggests that bulls have plenty of room to explore. As RSI closes the gap to 70, the bullish grip will tighten, bolstering ETH further.

Ethereum Intraday Levels

Spot rate: $3,435

Trend: Bullish

Volatility: Low

Resistance: $3,600

Support: $3,400 and $3,200

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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