Ethereum is the second biggest cryptocurrency in the world. Launched in 2015, and after that, it gained more than 1000x in the last few years.
Many investors and analysts treat it as an asset or store of wealth for the future. Ethereum is a decentralized platform that offers everything from gaming to financial tools. It allows developers to create and run decentralized applications and enables financial instruments that do not need bank accounts. Users and developers can pay on ETH because it is the native coin of this network.
The best part is, Ethereum is an open-source platform, and any person from any part of the world having an Internet connection can interact with the network. It allows the user to send and receive money without any centralized institutions as the middleman. The crypto market has seen a huge inflow this month, and Ethereum, Bitcoin, Solana prices are rising.
While writing this analysis, the price of Ethereum has been up 2.5% in the last 24 hours. It is trading at around $3407. Interestingly, it has broken the resistance level and taken a strong bullish turn. $3250 was strong resistance, but it has decisively broken the level. Now another resistance is around $3450, but we think it will break that level, too, as per our ETH price prediction.
In the last couple of months, the crypto market has been consolidating; now, some of them are turning bullish on the daily and weekly charts. Ethereum is one such coin. On the daily chart, all the technical indicators are bullish. The MACD and RSI are optimistic, along with Bollinger Band, and candlesticks are on the upper line of the Bollinger Band, which indicates bullishness.
On the weekly check, the situation is the same. After consolidating at a support level of $2500, it has been rising for the last three weeks. RSI and MACD are strong. Now, it has crossed the baseline of the Bollinger band; we think $4000 will be our resistance level of this coin in the long term.
We know the history of the Ethereum coin and its huge potential, so in the long run, it will make a new all-time high, but to have a safer side, traders should target $4000. However, we do not think it is the ideal time for short-term investment because $3500 can be a resistance level of Ethereum, and it may retrace from that level.
