Ethereum Price Analysis: Top 3 Reasons Why ETH Price Could Surge Over 700 in the Next Few Days

The year 2020 has been an amazing year for cryptocurrencies, particularly for Ethereum. The ETH price has increased by almost +344% in the last one year. Progress in the DeFi base, big companies using blockchains, and having more concern in adopting the ETH drove prices very high, without creating any bubble. Here are the top 3 reasons why Ethereum price could surge over $700 in the next few days.

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Ethereum Price Analysis: ETH Price And The Technical Indicators

ETH/USD Daily chart – TradingView

On the daily chart, the Ethereum price is above the 12-EMA for two days, and it has also managed to keep the 26-EMA. Now, it could be trying to climb above the 12-EMA consistently in the next few days again. Despite the last sell-off, the overall trend looks bullish with a long-term trendline still in place. In the last 7 days, the Ethereum price has increased by almost +6.7%, displaying that the price is increasing steadily. The key metrics are as follows:

Price        $582.93
24hr Change   -0.92%
24hr Vol             $895,429,583
Liquid Marketcap $65,859,594,407
Liquid Supply         113,227,424

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Ethereum Price Analysis: ETH Price and the Weekly Chart

ETH/USD Weekly chart – TradingView

On the weekly chart, the 12-EMA is way below the current price and bulls seem to be in the commanding position. The next possible resistance level could be at $800. Above that, the next notable price spot is $1,000, a meaningful psychological resistance level. Nevertheless, it looks that Ethereum price is meeting very little resistance to the upside as the In/Out of the Money Around Price chart displays only one notable resistance area between $585 and $602 but almost no resistance above it.

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Ethereum Price Analysis: Top 3 Reasons ETH Price Could Surge Over 700 in the Next Few Days

ETH/USD Daily chart – TradingView

The ETH/USD price has already developed an Adam & Eve bottom on its weekly chart. The price has already crossed the $444 to $555 range and this is where there was a convergence of the 1.618 Fibonacci Retracement and the estimated movement, which are both almost “yearly pivots.”
Right now, the total market cap of Ethereum is at USD 67 Billion. It is less than HALF of how much it touched back in 2017 when the price was weaker. So, it is expected for the ETH price to take some rest and this is why it entered a sideways trend just a few days ago. The next Ethereum price targets would be the USD 700 and USD 800 price ranges, where earlier price-actions displayed significant volatility back in 2018.
Ethereum price is revealing the potential to start on an end-to-end Ichimoku Cloud run from $220 to $800, which is a movement that Bitcoin price created from 2015 to 2017.

Conclusion:

As we already know that the last few months were amazing for the entire cryptocurrency market. Now, ETH/USD price has broken above key resistance levels, a bearish price course, and a sliding drive that has restrained price movement for months on end. Once the Ethereum price manages to surmount the $620 to $630 range, which are levels of significance, the cryptocurrency will likely be free for a long-term wave towards $700 and then $800. We wish you happy trading!