Ethereum Price Prediction Breakout of Over $2,000 ETH/USD by April 2019: Market Analyst Forecast
The last few months in the world of crypto have been awash with a lot of opinions, speculation and recommendations. Many people have made substantial predictions about Bitcoin and quite a few of the major altcoins. However, one to note is that of a Twitter analyst simply known as “ScienceGuy9489” who recently made a few predictions about some of the major cryptocurrencies in the market for the year 2019.
Ethereum Market Predictions
Among ScienceGuy9489’s predictions is one that Bitcoin (BTC) would sail through the current oscillation around $4,000 and eventually reach a whopping $28,000 which is significantly higher than the almost $20,000 price BTC hit in December of 2017. He also predicted a rise in LTC and XRP, saying they would reach $650 and $4 respectively.
The user went ahead to make a prediction for Ethereum also. For ETH, he foresees, based on his own calculations, that prices could potentially reach $2,090. He posted a chart with a caption saying “ETH should be breaking out by April 24th.”
According to the chart, there has been a drop from the height reached by ETH, last year. Furthermore, there’s an area that shows trading activity for 2019. The meeting point of the triangles for both years is the 24th of April and he predicts that the break out will happen on that date.
Previous Predictions by ScienceGuy9489
ScienceGuy9489 has in the past, made a prediction on Ethereum that eventually panned out. In May of 2017, he has made a forecast about a break out for the 24th of May, 2017. Quite impressively, this prediction came to pass but happened a few days after the expected date.
Current Trend in the ETH Market
At least for the month of March, it’s reasonably clear that ETH has had some difficulty in crossing over the $145 mark and trying hard to overcome the month’s 100 day moving average. As it turns out, ETH actually broke through the 100 day moving average but has not risen higher than the $145 mark.
Is the Breakout Date of April 24 a Pipedream?
Currently, the predicted breakout date might not be unreasonable. The current trend of the market supports this so no one will be surprised if the breakout happens on the said date. However, even though it’s not certain, it’s very possible that the breakout occurs before April 24.
Could Bearish Pressure Impact this Date?
This is quite possible. If it happens that for some reason people start to dump their assets, then not only will the breakout be completely forfeited, it is entirely possible that the price drops considerably lower.
Predictions Based on the Relative Strength Index (RSI)
Not too long ago, the RSI rose higher than the 50 level meaning that the possibility of a bearish run has been pushed a little further. If the RSI stays above 50, then there could be a continuous increase meaning that the breakout, even if it doesn’t happen on the 24th, will happen in April.