ETH Price Analysis: Ethereum Price Stalls After Record High, Why Fundstrat Analyst Believes $15,500 is Next?

John Isige
January 21, 2021
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Top 10 Ethereum Whales Now Hold 24% Of All ETH, Price Jumps Above $3500
  • Ethereum’s short-term outlook is bearish, price could fall to $1,250 while seeking support above $1,200.
  • David Grider, says Ethereum growth to $10,500 will stem from the growing DeFi sector.

Ethereum majestically rose to new all-time highs at $1,446. However, the anticipated rally seems to have taken a step back with Ether first dropping to confirm support at $1,250. Recovery has been gradual over the last 24 hours but ETH is dancing at $1,380.

Slightly on the upside, the pioneer smart contract token is dealing with the resistance at the ascending channel’s middle boundary. Bearish momentum appears to be building under this level. Ether’s short term technical picture looks ready to drop for another support confirmation before any significant recovery comes into the picture.

A glance at the Relative Strength Index hints at the bearish grip continuing to get stronger in the near-term. The RSI was recently rejected at the overbought area while at the same time recovery from a dip under the midline is struggling below 60. Moreover, the attempt to break from the RSI’s bearish divergence failed to catch momentum, thus adding credibility to the downtrend.

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ETH/USD 4-hour chart

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

Despite the pessimistic outlook, David Grider, an analyst from Fundstrat Global Advisors, believes that Ethereum has what it takes to rise to $10,500 by the end of 2021. Grider’s prediction finds backing from the growing decentralized finance sector, which mainly runs on Ethereum. He reckons that “blockchain computing may be the future of the cloud.” In his opinion, Ethereum currently is “the best risk/reward investment play in crypto.”

The main focus for Ethereum is to complete the development of ETH 2.0 which will see it fully execute on the Proof-of-Stake consensus. A high transaction throughput coupled with the sharding technology for scaling with ensure that Ethereum remains the go-to platform for smart contract building. All these increase the platform’s utility and will eventually trickle down to the growth in the token’s value, perhaps towards $10,500.

Ethereum intraday levels

Spot rate: $1,332

Relative change: -45

Percentage change: -3%

Trend: Bearish

Volatility: Low

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.