Ethereum Price Prediction as ETH Breaches $1,800 Level – Time to Buy?

cryptonews.com:

The price of Ethereum (ETH) has risen by 1.5% in the past 24 hours, surpassing $1,800 as increasingly positive expectations surrounding a Bitcoin ETF helped the cryptocurrency market as a whole to rise yesterday.

ETH is now in the green – although only just – over the past week, fortnight and month, with the altcoin also having risen by 55% since the beginning of the year.

Given that ETH has been sold heavily in the past couple of weeks, it's due to rise strongly in the near future, with the coin remaining distinctly undervalued in relation to Ethereum's size and importance as a network.

After several weeks of declines, ETH's chart and technical indicators have finally picked up some momentum, and are in a position where they could continue to rise in the shorter term.

For one, ETH's relative strength index (purple) has surged to almost 70, indicating some strong buying pressure that hasn't been overdone just yet.

It's a similar thing with the coin's 30-day moving average (yellow), which is in the process of moving towards its 200-day average (blue), and which should point to further price rises for as long as it continues its ascent.

While ETH's support level (green) has fallen steadily since the middle of July, it's entirely arguable that it's likely to reach higher levels over the next few days, given just how oversold the coin had been.

As noted above, claims from a couple of high-profile investors – Mike Novogratz and Cathie Wood – have raised expectations that it's only a matter of time before the SEC formally accepts a spot Bitcoin ETF.

While this would primarily be beneficial to BTC itself, it would also lift up the cryptocurrency market as a whole, given how bull markets tend to follow breakthroughs for Bitcoin.

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