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Ethereum (ETH) Price Prediction – When will ETH hit $10,000?

Ethereum (ETH) Price Prediction

In the past week, the value of Ethereum (ETH) has increased by 3%. After a period of fluctuating performance in May 2023, the present trend among Ethereum whales is bullish.

Santiment's compilation of on-chain data indicates that crypto billionaires are again optimistic about Ethereum. Recent data indicates that ETH whales have considerably increased their trading activity over the past week. In May, Ethereum's performance was lackluster.

The number of Large Transactions involving ETH nearly doubled between May 27 and June 2. On May 27, a total of 1,840 Large Transactions were recorded; by June 1's end, that number had increased to 3,660. 

Large Transactions refer to transactions that exceed $100,000 per day. An increase in this metric indicates that billionaires are increasing their Ethereum investments. Whales are typically influential institutional investors or individuals with high net worth, so their actions bear considerable weight.

Despite the recent price increase, ETH holders continue withdrawing their assets from exchanges. According to the Glass Node graph, an additional 486,000 ETH were removed from exchanges last month. The Balance on Exchanges metric measures the number of coins proprietors have deposited on cryptocurrency exchanges.

Let’s see the possible Ethereum (ETH) Price Prediction from the ETH/USDT technical analysis:

Ethereum Daily Chart Offers A Simple Trend Trading Opportunity

ETHUSDT

The daily price of ETH/USDT shows the perfect example of a trend change initiated from a strong bearish exhaustion. 

A strong downside pressure was seen in March 2023, but bears failed with a strong counter-impulsive pressure at the 1372.20 swing low. It was a perfect example of a sell-side liquidity grab, which is considered a strong tool for finding a trend change. In this context, the ideal trading approach is to look for long trades only from any reliable demand zone.

Institutional investors play a vital role in the crypto industry, and there is no exception for Ethereum. According to the visible range high volume level, the largest activity since 16 April 2023 is spotted at the 1895.25 level, which is barely below the current price. It is a sign that bulls are in action, and any swing high formation could come with additional buying pressure in the market.

In the main chart, technical indicators are bullish for this pair as the dynamic 100-day, 50-day, and 20-day Exponential Moving Average levels are below the price with an upward direction. 

A similar structure is present at the 14-day RSI level in this indicator window. According to the current reading, the RSI is at 55.00 level with a flat pattern. Therefore, a new swing high formation in the daily chart could come with confluence support from RSI towards the 70.00 area.

Based on the daily ETH price prediction, the broader market context is bullish, and finding long trades only would be the main aim for traders.

The near-term support level is spotted at 1844.69, from where a strong bullish daily candle appeared. As a result, bulls have already shown their presence in the near-term price action, which can extend the gain toward the 2018.57 and 2139.03 resistance levels.

Any immediate selling pressure from the current price with a false break below the 1844.00 level could offer another long opportunity in this pair. However, breaking below the 1738.00 level with a daily close might invalidate the buying pressure and lower the price toward the 1500.00 psychological level.

Ethereum (ETH) Ichimoku Cloud Analysis

Ethereum (ETH) Ichimoku Cloud Analysis

Although the price action analysis presents a strong buying signal, the Ichimoku Cloud structure shows a bit of a different story.

In the future cloud, the current structure is still bearish, while the most recent price is extremely corrective. Therefore, an additional buy signal is needed before taking any trading entry in this pair.

A strong bullish crossover in Ichimoku Dynamic lines is seen below the latest price, while the current near-term resistance is at the 1938.76 level.

Therefore, a bullish D1 candle above the 1939.00 level could validate the bullish range breakout, opening the room to test the 2136.00 level.

The alternative approach is to look for a sell trade if a downside pressure is seen below the 1737.00 level. 

Ethereum (ETH) Intraday Price Action Analysis

Ethereum (ETH) Intraday Price Action Analysis

In the H4 Ethereum Price forecast, the current market outlook is extremely corrective as the visible range high volume level is working as an immediate resistance.

Upward momentum is seen from dynamic 20 EMA support with a TDI position above the 50.00 line. However, a bullish break is needed from the trend line resistance before taking a long position.

The buying approach might come with an H4 candle above the 1926.23 level, which can create bullish impulsive pressure. However, breaking below the 1840.00 level might change the scenario by lowering the price to the 1750.00 level.

Is Ethereum (ETH) A Buy?

Based on the current Ethereum Price Prediction, ETH/USDT is trading within a strong bullish trend, and any intraday bullish approach might provide a high probable trading opportunity.

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