Ethereum Price Prediction 2021 – Will ETH Hit $2,640 Soon?

Ethereum Price Prediction 2021 - Will ETH Hit $2,640 Soon?
  • Bullish ETH price prediction ranges from $2,300 to $2,405.
  • ETH price might also reach $2,640 soon.
  • ETH bearish market price prediction for 2021 is $1,855.

In Ethereum (ETH) price prediction 2021, we use statistics, price patterns, RSI, and much other information about ETH to analyze the future movement of the cryptocurrency.

Ethereum is a decentralized open-source blockchain system with its own cryptocurrency that is Ether. ETH acts as a platform for many other cryptocurrencies and the execution of decentralized smart contracts.

ETH was first described by Vitalik Buterin in a 2013 whitepaper. Buterin and other co-founders obtained funding for the project through public online sales in the summer of 2014 and officially launched the blockchain on July 30, 2015.

The expected goal of Ethereum is to become a globally decentralized application platform that enables users around the world to write and run software that can withstand censorship, downtime, and fraud.

According to CoinGecko, the ETH price is trading at $1938 with a 24-hour trading volume of $37,351,803,922, at the time of writing. However, ETH has decreased by 9.6% in the last 24 hours.

Moreover, ETH has a circulating supply of 116,384,069 ETH. Currently, ETH trades in cryptocurrency exchanges such as  Binance, OKEx, Huobi Global, Bybit, and CoinTiger.

Ethereum (ETH) Price Prediction 2021

Ethereum (ETH) holds the 2nd position on CoinGecko right now. ETH price prediction 2021 is explained below with a daily time frame.

ETH/USDT Price Chart Daily Time Frame (Source: TradingView)

The above chart shows the Descending Channel pattern in the daily time frame. A Descending Channel is the price action that occurs between upper inclining equal trendlines. Moreover, Lower highs and lower lows form this price pattern.

In the daily time frame chart, it is possible for the ETH to reach $2,415 if the bull trend continues and breaks $2,040 level. Or else, if the price of the ETH breaks the support level of $1855. So, the trend of the ETH is based on the breakout.

ETH Support and Resistance Level

The below chart shows the support and resistance level of ETH.

ETH/USDT Support and Resistance Level (Source: TradingView)

From the above daily time frames, it is clear the following are the resistance and support levels of ETH.

  • Resistance Level 1 – $2,010
  • Resistance Level 2 – $2,300
  • Resistance Level 3 – $2,640
  • Support Level 1 – $1,855
  • Support Level 2 – $1,710

The charts show that ETH has performed a bullish trend over the past month. If this trend continues, ETH might run along with the bulls overtaking its resistance level at $2,640.

Conversely, if the investors turn against the crypto, the price of ETH might plummet to almost $1,710, a bearish signal.

Ethereum (ETH) Average Directional Index (ADX)

Now let’s look at the average directional index (ADX) of ETH. Generally, the Average Directional Index (ADX) helps traders to determine the strength of a trend. It is used to determine if the market is changing or if a new trend is starting. It is associated with the Directional Movement Index (DMI).

More so, the oscillator ranges from 0 to 100. The strong trend and weak trend, indicated by high value and low value. It is often combined with directional indicators. 

ETH/USDT ADX(Source: TradingView)

The above chart shows the ADX of ETH stays above the range of 14.12, so it indicates a weak trend that is on the bear side.

Conclusion

The ETH is one of the cryptos that keeps its ground against the bearish market. Furthermore, our long-term ETH price prediction for 2021 is bullish. It has a huge possibility of overtaking its current all-time-high (ATH) of $4,362 this year. However, this only happens when ETH breaks a lot of past psychological resistance.

Furthermore, with the ongoing developments and upgrades within the ETH ecosystem, it could experience a great future ahead in 2021. It may reach $2,405 soon and it might even reach high heights, however reaching $2,640, if investors have planned that ETH is a good investment in 2021.

Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Monisha is a Senior Programmer in the Automotive Embedded domain. Her interest in the cryptocurrency field made her write about crypto and blockchain-related news.