The Bitcoin halving was completed and dusted last Friday. The effects may eventually show signs. The first to be affected is Ethereum. Needless to say, this is speculation amid rampant volatility in the cryptocurrency market. Ethereum is trading below $3,200. Some analysts suggest that now could be the best moment to invest in Ethereum as its price is about to hit $4,000. This is supported by technical indicators such as the hourly MACD, which suggests that a bullish trend is coming for ETH.
The initial resistance zone was marked at $3,150. It changed to $3,280. A move beyond that would pave the way for Ether to support the $3,800 resistance. However, this would require a significant increase in transaction value. Before that, resistance margins were drawn at $3,278 and $3,350.
The line representing the 100-hourly SMA is located at $3,120. ETH is positioned above it to provide a more luminous depiction. It is expected to gain traction once it reaches its current target of $3,350. Although not as much as you might imagine, volatility will be affected, especially after the Bitcoin halving. This is the fourth interaction since the first halving occurred in 2012, but it may take some time for the market to settle scores on the change.
ETH consolidated above its 100-hourly SMA and above the 76.4% Fib retracement level, moving down from the high of $3,278.
Not only the best; Lowest scores are also taken into account. A decline to around $3,010 would send a worrying signal. This opens the door to a bigger decline to the imperfect $3,000 level, increasing the likelihood of a further decline. That milestone may seem unbelievable, but it is still achievable if the market does not work effectively with the players.
Corrections are expected, but Ether numbers are rarely zero. BTC is more than happy to dance to this music. In the case of Ethereum, ETH price prediction I’m optimistic because I’ve set my path to $5,000 by the end of the year. Or the calendar could end with $4,385. Nonetheless, the community will likely express its willingness to hold on to the portfolio as both values are trading above the psychological mark of $4,000.
Hourly MACD shows signs of ETH/USD gaining momentum. We may soon enter a bullish zone. The hourly RSI for the trading pair has exceeded the 50 level. Profits are more important for Ethereum holders if the token plans to jump to $3,880.
Putting the numbers aside for a moment, there is optimism within the cryptocurrency ecosystem. It is only a matter of time before everyone starts reacting to what Bitcoin has just achieved: halving. Ethereum could also take inspiration from an ETF that could receive a green signal from the US SEC by the end of 2024. With little to no confirmation of this, the possibility seems dim, but speculation is optimistic.