Ethereum analysis for April 14, 2021
Looking at the chart on the four-hour time frame, we see that Ethereum is currently at its all-time high at $ 2400, testing 161.8% Fibonacci level. Since the momentum is very strong, we can easily expect continued growth at newer highs, and some potential maximum is $ 2600 at 200% Fibonacci levels. Moving averages are on the bullish side, supporting a further growing trend, and for now, they are of no use to us.
If we see a potential slowdown and a possible reversal of the trend, we expect a pullback first to the bottom trend line, supporting us on the chart. The MACD indicator is far on the bullish side and currently supports this situation on the chart. Bullish has no weaknesses so far, and further growth towards the new historical higher high is expected.
Ahead of the upgrade of Ethereum in Berlin and the direct list of Coinbase, Ether has grown by more than 8% in the past week and reached a new record of $ 2,340. With the rise of irreplaceable tokens (NFT) and decentralized finance (Defi) over the past year, Ethereum has benefited from being one of the most widely used blockchain networks in the crypto industry.
Although the Ethereum network has some drawbacks, including high transaction fees, the price of Ethereum has more than doubled since the beginning of the year. Former hedge fund manager and crypto analyst Teeka Tiwari recently claimed that Ethereum is currently extremely undervalued.
The price of ETH could increase by an additional 500%, taking it to a five-digit territory. The increase in Ethereum’s prices has aroused Etra’s open interest in reaching a new record level of 8 billion dollars, which is approximately 50% of the value of Bitcoin in February this year.
The current jump in open interest rates reflects that markets allow even more prominent players to participate in derivatives trading. This also reflects the futures contracts of CME Ethereum, which was a significant milestone for Ether. With the rise of institutions entering the crypto market, the price of Ethereum could still have huge room for growth.
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