The crypto market appeared to get spooked during the late New York on Tuesday by the news that BlackRock iShares Bitcoin Trust (IBTC) had been delisted from the DTCC website. Ethereum, however, remained resilient and continued to trade in the green to reach a high of $1854 on Tuesday.
However, the BlackRock iShare’s Bitcoin Trust has reappeared on the Depository Trust & Clearing Corporation website as shown in the figure below.
Riding on the news, the bulls have pumped crypto prices back up with Bitcoin climbing back above the $34,000 level. Ethereum resumed its recovery streak as it posted a seventh straight green candlestick on the daily chart.
Ethereum Price is on Track Toward $2,000
At the time of writing, Ethereum price was exchanging hands at $1,786, up 4% over the last 24 hours and 14% over the last 7 days. It has a live market cap of $215 billion, cementing its position as the second largest cryptocurrency by market capitalization.
The technical setup is in favor of the bulls , suggesting that the uptrend could continue in the near term.
The Relative Strength Index (RSI) is in the overbought region but without sell signals, retaining its northbound traction that reflects rising momentum. The Moving Average Convergence Divergence (MACD) indicator showing large volumes of green histogram bars as it moved above the zero line, demonstrates that bulls are still leading the market. With such an outlook, Ethereum could record yet more gains.
In this respect, Ether’s price could still reclaim its August 8 high of $1,876, or in a highly bullish case, extrapolate to tag the $2,000 psychological level. This would represent a 12% uptick from the current price.
ETH/USD Daily Chart
On the other hand, the overbought conditions could lead to buyer exhaustion, paving the way for profit-booking. The resulting overhead pressure could see ETH price lose the $1,711 critical support, potentially moving below the moving averages to go as low as the big psychological support of $1,600.
In the dire case, the slump could see the giant Layer 1 token break below $1,560 toward the $1,500 psychological level. Such a move would constitute a 16% drop below current levels.
The post Ethereum Price Prediction: ETH Holds Above $1700 As IBTC is Re-listed on DTCC appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/ethereum-price-prediction-eth-holds-above-1700-as-ibtc-is-re-listed-on-dtcc/