Ethereum opened today’s trading session at $380.4, reaching highs of $380.7 and lows of 363.8, which is its current trading prices at press time, a loss of 4.57 percent market value.
Ethereum daily chart analysis
The market has been in a bearish move since October 13 when the prices retested the $392.2 resistance levels. Although the broader trend has been bullish, trading along an ascending trendline for months, the crypto is expected to retest two support levels before entering the bullish market again.
The prices will first retest support levels on the ascending trendline. Price action analysis shows a strong bias of prices breaking out of the trend to the downside. This will set another bearish move that will see the prices move for the $323.3 support level.
Analyst Bullrider802 agrees with the analysis on his chart, where he indicates that the currency is currently at crossroads on the daily charts. However, he indicates that the crypto prices will first enter a bearish move, retest the lower trendline of the ascending channel before either continuing with its bearish move or entering a bullish market.
Ethereum price prediction: Where is ETH headed?
Analyst VIncePrince on his analysis also indicates that the broader trend of the crypto is currently trending bullish. In his analysis, he highlights that the prices are currently trading within an ascending channel. Using a parallel ascending channel indicates that the current prices are trading below the channel’s middle line support.
The analysis also shows that the prices have also tested the 100 exponential moving average recently before bouncing and hitting the channel’s upper trendline. He indicates that the bounce has lost momentum and he expected that the crypto prices, which are currently on a bearish bias, will continue with this pullback and expects the prices to move to the lower levels of the structure retest it. The analyst also indicates that this is confirmed by lower time frames, which have formed heads and shoulder patterns that show a bias to the downside.
Ethereum 1-hour time frame analysis
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FXCM brokers, on their analysis of the crypto on the 1-hour charts, also indicate that they expect to see the prices continue with their bearish move on the shorter time frames. The analyst also shows that the crypto is currently trading along a descending trendline, and the current prices have just bounced off the trendline.
The analysis also shows that short term traders should look for short positions to the downside with a stop loss set outside the recent pullback. This analysis of the shorter timeframes indicates that the prices may end up on the $348.85 support levels, where they have placed the take profit order.