Price of Ethereum (ETH) is rising sharply. Where is it going?

 

The price of Ethereum has been reawakened, this time jumping approximately 17% upwards between yesterday and today. Behavior that we will be analyzing in the ETH vs. USDT chart.

Before starting with the technical analysis of ETH, it is pertinent to note that 2 moving averages will always be used to identify the trend, an exponential of 8 and a simple of 18.

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To identify this trend it is enough to know the incredible performance that Ethereum has shown throughout its history, giving a return on investment of more than 9,000%.

However, for better accuracy, analyzing the monthly ETH vs. USDT chart is a good idea.

From this time frame we can see how during the last years, this historical bullish trend has been quite touched. But, if we look at the whole picture, we notice how the fall experienced since late 2017, has been nothing but a major setback before the next momentum, most likely able to seek a new historical high.

With the excellent awakening we are witnessing in crypto space, it seems that the great long-term upward trend has definitely resumed.

In the case of Ethereum, the bottom of the retreat seems to have been touched in Immediate Edge 2019. Since then, we have seen increasingly higher minimums, proving impossible for bears to seek lower supports.

On the monthly chart, the moving averages are crossed upwards, supporting the view that the long term upturn has resumed.

Available the last testnet before the release of Ethereum 2.0

Ethereum trend in the medium term
In the weekly time frame, the moving averages are also crossed up. Currently, they are quite far from the price, so they are likely to function as dynamic supports if Ethereum (ETH) seeks to move backwards.

Currently, we are seeing a developing momentum. And, while it may soon start a retreat before the upward trend continues, there is still no sign that this will happen soon.
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Short-term ETH trend
And before we move on to the Ethereum prediction, let’s review the daily ETH vs. USDT chart to identify the trend for the near future.

From this time frame we also look at the fast moving crosses on the upside.

Before the bullish momentum that started yesterday, these averages worked as dynamic supports.

Currently, momentum is underway. In the paragraphs below we find out where the price could go before trying to backtrack.