Ethereum Price Recovers After Spectacular. Here Is What Future Holds

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Ethereum (Courtesy:medium.com)

Ethereum did a spectacular on Sunday along with Bitcoin. For at least five minutes around 4am London time, the price of Ethereum surged up to $427 from nearly $320. Bitcoin also saw a massive surge as it went as high as $100,000 lakh on Binance.

In a massive surge, Ethereum moved up by 62% before it recovered back to normal. Since then, ETH managed to recover to around $375 where it’s currently trading, which allowed it to come out positive in the last 24 hours.

ETH-USD Prediction for near future

Ethereum has performed well even against Bitcoin in the recent times. It can be expected that if the buyers push back above $400, resistance lies at $410, $420, $445, and $465 (1.272 Fib Extension). This is followed by added resistance at $490 and $500.

At the moment, the support lies at $343 (.382 FIb Retracement), $321 (.5 Fib Retracement), and $300 (.618 Fib Retracement).

Meanwhile, the RSI reached extreme conditions this week, which has not been the case since February 2020. It has dropped down but still in favour of bull.

Ethereum created a massive surge in 2020 as it also pushed into resistance 0.0346 BTC (1.272 Fib Extension). The coin still appears bullish against Bitcoin and would have to drop as low as 0.0278 BTC for the bull run to be invalidated.