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Home Ethereum

Ethereum price prediction: Why a move to $4K may take time

June 2, 2024
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Ethereum price prediction: Why a move to $4K may take time
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  • Ethereum has trended within a range in the past ten days.
  • Futures traders continue to take long positions.

An analysis for Ethereum [ETH] price prediction showed that ETH has trended within a horizontal channel since it closed above $3650 on 20th May. 

A horizontal channel is formed when the price of an asset consolidates within a range for some time. This happens when there is a relative balance between buying and selling pressures, which prevents the asset’s price from trending strongly in either direction.

The upper line of this channel forms resistance, while the lower line forms support. For ETH, it has formed resistance at $3962, while it finds support at $3638.

ETH 1-Day Chart

Source: ETH/USDT, TradingView

Ethereum price prediction shows bulls are here

Readings observed from ETH’s key momentum indicators confirmed that the market has been marked by equal amounts of buying and selling activity in the past few days. 

Although still positioned above the 50-neutral spot, ETH’s Relative Strength Index (RSI) and Money Flow Index (MFI) have been “flat” in the past few days.

These momentum indicators are said to be flat when they trend in a seemingly straight line, with no significant swings up or down.

When they trend in this manner, it suggests that neither strong buying nor strong selling pressure exists. Traders interpret it to mean that there is no clear signal for a breakout upward or downward.

As of this writing, ETH’s RSI was 64.92, while its MFI was 63.74. 

Further, the coin’s declining Average True Range (ATR) confirmed the price consolidation. This indicator measures market volatility by calculating the average range between high and low prices over a specified number of periods. 

ETH 1-Day Chart

Source: ETH/USDT, TradingView

When the indicator falls, it suggests lower market volatility and hints that the asset’s price is trending within a range without significant upward or downward movements.

See also  Ethereum ETF's '25% odds' - SEC wants to 'get it right,' but at what cost?

Futures traders are unmoved

Despite ETH’s sideways price movements in the past few days, its futures market activity has continued to grow. Since 20 May, the coin’s futures open interest has increased by 42%. 


Is your portfolio green? Check the Ethereum Profit Calculator


When an asset’s futures open interest surges like this, more traders are entering the market to open new trading positions.  At press time, ETH’s futures open interest was $16.45, per Coinglass’ data.

Regarding whether these traders are opening short or long positions, ETH’s positive funding rate across cryptocurrency exchanges has remained positive. This shows that there has been more demand for long than short positions. 

Previous: Ethereum NFT market faces slump: Any impact on ETH?
Next: XRP under bear watch: Market sentiment sways toward a price fall

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Ethereum has trended within a range in the past ten days.
  • Futures traders continue to take long positions.

An analysis for Ethereum [ETH] price prediction showed that ETH has trended within a horizontal channel since it closed above $3650 on 20th May. 

A horizontal channel is formed when the price of an asset consolidates within a range for some time. This happens when there is a relative balance between buying and selling pressures, which prevents the asset’s price from trending strongly in either direction.

The upper line of this channel forms resistance, while the lower line forms support. For ETH, it has formed resistance at $3962, while it finds support at $3638.

ETH 1-Day Chart

Source: ETH/USDT, TradingView

Ethereum price prediction shows bulls are here

Readings observed from ETH’s key momentum indicators confirmed that the market has been marked by equal amounts of buying and selling activity in the past few days. 

See also  Ethereum Name Service decries Unstoppable Domains patent as a threat to open-source ethos

Although still positioned above the 50-neutral spot, ETH’s Relative Strength Index (RSI) and Money Flow Index (MFI) have been “flat” in the past few days.

These momentum indicators are said to be flat when they trend in a seemingly straight line, with no significant swings up or down.

When they trend in this manner, it suggests that neither strong buying nor strong selling pressure exists. Traders interpret it to mean that there is no clear signal for a breakout upward or downward.

As of this writing, ETH’s RSI was 64.92, while its MFI was 63.74. 

Further, the coin’s declining Average True Range (ATR) confirmed the price consolidation. This indicator measures market volatility by calculating the average range between high and low prices over a specified number of periods. 

ETH 1-Day Chart

Source: ETH/USDT, TradingView

When the indicator falls, it suggests lower market volatility and hints that the asset’s price is trending within a range without significant upward or downward movements.

Futures traders are unmoved

Despite ETH’s sideways price movements in the past few days, its futures market activity has continued to grow. Since 20 May, the coin’s futures open interest has increased by 42%. 


Is your portfolio green? Check the Ethereum Profit Calculator


When an asset’s futures open interest surges like this, more traders are entering the market to open new trading positions.  At press time, ETH’s futures open interest was $16.45, per Coinglass’ data.

Regarding whether these traders are opening short or long positions, ETH’s positive funding rate across cryptocurrency exchanges has remained positive. This shows that there has been more demand for long than short positions. 

Previous: Ethereum NFT market faces slump: Any impact on ETH?
Next: XRP under bear watch: Market sentiment sways toward a price fall
Tags: EthereummovePredictionPriceTime

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Is Solana the Key to the World’s First ‘Dad-Friendly’ Blockchain App?

Is Solana the Key to the World’s First ‘Dad-Friendly’ Blockchain App?

January 11, 2024
‘Only created Dogecoin, not Bitcoin’ – Why Billy Markus had to clear the air

‘Only created Dogecoin, not Bitcoin’ – Why Billy Markus had to clear the air

September 26, 2024
Virtual Receptionist Market to See Incredible Development| Big Giants Conversica, CloudTask, Numa

Virtual Receptionist Market to See Incredible Development| Big Giants Conversica, CloudTask, Numa

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OPC Server Software Market: Exploring the Market Size, Driving Forces and Key Trends

OPC Server Software Market: Exploring the Market Size, Driving Forces and Key Trends

January 22, 2025

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