• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

Ethereum Weekly Setup Sees Price Near $980 by May 2021

Yashu Gola by Yashu Gola
4 weeks ago
in Ethereum
Reading Time: 2min read
Ethereum Weekly Setup Sees Price Near $980 by May 2021

A businesswoman looking through binoculars, seeing conflicting trends in earnings prediction, can be used for business vision or business prediction concept

Advertisement
Nexo Logo
Listen to Article

Ethereum pared a small portion of its recent gains this Monday on profit-taking sentiment.

The ETH/USD exchange rate fell by more than 6 percent to $595.22 ahead of the New York opening bell. The pair’s downside move appeared a day after it logged a new year-to-date high of $676.94. While it managed to hold its gains during the Asian session, traders started securing their profits during the European hours as demand shifted back to the US dollar amid an anti-risk sentiment.

Bollinger Bands

Ethereum typically tails price moves in the Bitcoin market, which, in turn, trades inversely to the US dollar. So it appears, the second-largest cryptocurrency plunged due to its positive correlation with Bitcoin that too fell by 5.30 percent on Monday.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum corrects from its technically overbought zones on BB and RSI. Source: ETHUSD on TradingView.com
Ethereum corrects from its technically overbought zones on BB. Source: ETHUSD on TradingView.com

The Ethereum correction also appeared after it closed above the upper band of its Bollinger Band pattern. Traders typically sell-off the asset if it closes above the band. Meanwhile, if the price dips below the lower band, they tend to repurchase it for cheap. The middle of the band is the 20-period simple moving average that acts as a bias indicator.

Ethereum pulled back to the downside after testing the upper band and targeted the 20-SMA as support. If the cryptocurrency slips below the wave, then it may fall towards the lower band.

Ethereum Not Bearish Yet

Switching to Ethereum’s weekly chart shows that its latest dip is a part of a broader upside move.

The cryptocurrency is trading upward in what appears to be a Rising Wedge. It pulls back to the downside after testing the structure’s upper trendline. Similarly, a retest of the lower trendline tends to rebound the price back towards the upper trendline. Ethereum expects to stay inside the Wedge pattern.

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency
Ethereum weekly outlook. Source: ETHUSD on TradingView.com
Ethereum weekly outlook. Source: ETHUSD on TradingView.com

From here, the ETH/USD exchange rate may attempt a pullback towards the 20-WMA (near $454) of the Bollinger Band, which coincides with the Wedge’s lower trendline. Thereafter, it could either attempt an early breakdown from the Wedge to test the lower band at $258.64, or it could rebound to retest the Wedge’s upper trendline, this time at higher-than-previous levels.

An uptrend continuation could see the Ethereum price hitting at least $980 before it eventually breaks out of the Wedge, falling to levels located as low as the Wedge’s maximum height (which is $156).

Tags: cryptocurrencyethbtcethereumethusdETHUSDT
TweetShare
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Analyst Predicts Record High against Eerie Bearish Setups

7 days ago
Ethereum, ETHUSD, ETHBTC, Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Don’t Sell Your Bitcoin and Ethereum on RSI Warnings: Analyst

1 week ago
Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

Bullish Continuation Pattern on Ethereum Predicts Price Over $1,500

2 weeks ago
ethereum defi crypto altcoin

Ethereum “Anti-Network Effect” Shows “DeFi Has Outgrown” The Altcoin

2 weeks ago
Ethereum Shoots Past $1k But High Gas Fees Still a Problem

Ethereum Shoots Past $1k But High Gas Fees Still a Problem

2 weeks ago
Ethereum, ETHUSD, ETHBTC, ETHUSDT, cryptocurrency

Ethereum Wobbles Around $1K in Volatile Trading; What’s Ahead?

2 weeks ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Introducing ethrift.io Non-Custodial FIAT Ethereum Gateway

January 16, 2021

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • What is Bitcoin?
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.