Ethereum Price Prediction Towards US$13,500: Is It Realistic?
The surge in accumulation, increased transaction activity, and strong bullish signals in the derivatives market are generating great optimism among investors and traders.
Based on the latest Ethereum price predictions revealed by InvestingScope, currently Ethereum (ETH) is currently experiencing enormous buying pressure, especially after technical indicators on the weekly chart (1W) showed bullish signals.
ETH has just been seen passing the MA50, a very important technical level that often triggers price rallies. Now $ETH is trading around $3,338.01
ETH's current position is similar to the Mayer Multiple Band cycle that occurred in previous years. At that time, ETH managed to bounce off the Cylical Pivot Pone and continue its hyperbolic rally.
“Currently Ethereum is in the same part of the Cycle as in October-November 2020, when the price rebounded in the Cylical Pivot Zone and started a hyperbolic rally that reached the highest red band and peaked at Fibonacci level 1.618,” he explained.
In addition, ETH's relative strength index (RSI) at level 59.4 indicates bullish momentum that has not yet reached overbought. Other indicators such as MACD (151.53) and ADX (33.4) also support the medium to long-term strengthening trend.
Referring to this pattern, the Ethereum price prediction of reaching US$13,500 is an aggressive but very likely possibility.
"Even though it looks aggressive, this is our target (TP = US$13,500) for this Cycle too," he concluded the analysis.