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.
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.