The Ethereum (ETH) price is seeing bulls smash out of the market today, as investors return with a mindset to invest large bags of cash.
During the ASIA PAC and European sessions on Monday, the Relative Strength Index (RSI) spiked dramatically, indicating how overbought bulls are in the market and setting the tone for the rest of the week. Expect the price to rise during the week, aiming for $2,574.15, which would be its greatest week so far this year, with over 40% profit achieved by Friday.
Ethereum To Gain 40%
The Ethereum price is expected to surge north as the week begins. ETH price increased by 5% during the ASIA PAC session. This indicates that bulls are placing their entire weight on the scales and outperforming bearish as the RSI rises dramatically.
With this enormous increase, ETH price seems ready to have its best performing week ever. This will bid farewell to $2,000 for the foreseeable future as a bullish summer approaches.
If ETH price can close over $1,928.89 today, it will be the best positive indication. Bulls can then look for support around the same level tomorrow morning, rallying from there to $2,148.67 by Wednesday.
A similar trend might see a push over $2,278.42 before extending the advance to $2,574.15. This will see profit-taking and a short fall to the downside will trigger by the 55-day Simple Moving Average (SMA).
It appears that a period of stability is approaching, as numerous positive stories emerge and geopolitical worries fade. If negative catalyst ignites, will see a decrease in price movement. This will bring Ethereum price back to $1,688.39. If that level is broken, a temporary drop below $1,600 is possible. In comparison to current ETH price levels, such a decline may result in a loss of roughly 17%.
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Source: https://coinpedia.org/ethereum/this-is-how-ethereum-price-is-set-to-reclaim-2000-in-the-coming-days/