Price Analysis

Ethereum Price on Rise ! $5000 – An Optimistic Goal for September!



After breaking out of the previous month’s range, the price of Ethereum has started the current month on a high note. For the first time since mid-May, it has breached the $3,500 resistance level.

Over the past couple of weeks, ETH has tried multiple times to break above $3400. Although, eth failed to do so, the bulls put up resistance at $3,387. $3000 level has acted as the key support level all this while.

However, in the new month, ETH has finally surged and is set to test resistance at $3500. 

It is now above 25 and 50-day exponential moving averages. At the time of writing, ETH is trading at $3536 up by 5.9% in the last 24 hours.

Looking ahead, the next resistance is at $3,600. Incase of a plunge, the support is at $3,300 level. However, a hover in the present range for a while is likely.

Popular Analyst Rekt Capital in a recent tweet chimes on ETH price action. He says, after achieving highest ever monthly close, ETH is set to turn $3500 resistance into support and propel higher.

ETH Price to hit $5000 in the next leg up?

Ethereum picking up pace has sent the market sentiment bullish. Majority of the crypto Twitter predicts for ETH to hit $4K soon. ETH is likely amping up for another leg up from here. Will it set a new ATH is to be watched out for.

Simon Dedic, Managing partner at MoonrockCapital took to Twitter to make a bullish case. He says, For September, $4000 is the conservative goal, and $5000 is the optimistic goal.

One upping this prediction is crypto analyst “Crypto Birb”. According to him, Ethereum could be worth $15K-$20K by Q4.

By breaking beyond the psychological milestone of $5,000, ETH is predicted to retest its August high. The recent implementation of the London Hard Fork, as well as its growing importance in the crypto sector, will be major catalysts.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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