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Ethereum Price Prediction: ETH Returns to the Moon

Ethereum price prediction is positive as the token managed to break free from its long-time resistance level of $500. The recent development of startups that use its blockchain made this event possible.

In addition, a crypto analyst predicts the possible boost of the token price to $700. As a result, the mass adoption of the token is expected due to FOMO by some traders.

Fibonacci Retracement and RSI (Source: TradingView)
Fibonacci Retracement and RSI (Source: TradingView)

The above chart displays the uptrend performance of the token in the past months. Today, Ethereum trades at a high price of $587.82 with a 30 days growth rate of +43%. If this trend continues, Ethereum might reach the bullish price of $600, which opens another door leading to $700. These events are most likely to happen if the market continues to favor the crypto.

However, if the market turns against the crypto, Ethereum may experience a bearish breakout. The token price can fall below the Fibonacci level of 0.236, a position near $500. In this case, bulls must find a way to climb back towards its uptrend position. Otherwise, the bears might drag the crypto all the way below $500, a position that can cause FUD.

Meanwhile, the relative strength index (RSI) of the crypto is now at level 78. This overbought movement of the crypto might trigger a downward movement. In this case, the bulls must be able to convince more investors in the platform to prevent a possible price rollback.

Jay Manila

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.

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