- Ethereum price prediction largely following a broader altcoin rally
- ETH/USD posted a 2.74 percent rise on Sunday and continued the upsurge today
- Volume and liquidity combination to fuel the next rally upwards
Ethereum price prediction – Current price overview
The current Ethereum price sits at $379 after piercing through the Bollinger Bands to show a bullish resolve. Unlike Bitcoin, Ethereum ended last week on a relatively positive note and traded near the upper channel at $367. After a successful close above $370, ETH/USD pair rose to touch a high of $384 propelled by solid buying activity.
The upward push also demolished the resistance at $374, and the pair look set to close the day above this crucial resistance. Even if the pair settles in a range between $375 to $381, traders would be happy to maintain their positions and continue further bullish momentum.
Ethereum price movement in the last 4 hours – Bulls are holding the fort
Though rejected from $384, the Ethereum price is currently settled around the $378 pivot point. As long as $374 support holds well, Ethereum price prediction remains high. In case ETH/USD closes above the $382 resistance, traders can start booking profits on a rally higher towards $395.
There is sufficient support from the broader altcoin realm, which is basking in positive sentiment. In case the rally falters, the 38.2 Fibonacci support at $367 would emerge as strong support where further accumulation may take place. An extended sell-off can bring $257 support into the picture, which is also the 23.6 percent Fibonacci levels for the pair.
The ETH/BTC pair is now in a symmetrical triangle. Bulls have been rejected multiple times from the upper end of the triangle at 0.0337 level. The pair is trading around 0.0327 BTC after failing to break the bearish pattern.
ETH/USD 4-hour chart– Bulls confidently maintain 2019 highs
The key support levels at $364 and $374 represent the 2019 highs. Ethereum touched $396 a few days ago, which was met with some selling pressure. However, the bears faltered as they could not bring the price under $355 support, and bulls closed in near the $374 level.
Over the weekend, Ethereum price prediction turned positive as ETH/USD pair gained to touch $380. The coin is currently in consolidation after a relentless push upwards with a rising trend line. The pair may soon witness historic $400 highs as bulls follow the broader crypto rally.
On the 4-hour chart, buyers are consistently emerging around the $380 level helping the pair maintain bullish Ethereum price prediction. The ‘Relative Strength Index’ is biased towards the positive side and is far from any overbought levels.
The rising wedge pattern in the daily ETH/USD charts is signalling a bearish trend. The pair must break above the pattern with a strong bullish up-wave. Any significant breakout from the pattern can result in a 15 to 18 percent upsurge in price. However, a false breakout can bring down the price towards the $200 level, a severe dent.
Ethereum price prediction – Conclusion
The technical indicators don’t point towards any untoward price action in the near term. The RSI is neutral to positive. MACD is on the verge of a bullish crossover. Backed by substantial volume, the price can continue its momentum upwards. The bullish action also depends on the severity of correction, if any. It remains to be seen how the bulls would react if the price drops abruptly bringing a question mark over Ethereum price prediction direction.
The 20-day EMA is now making an upward slope along with a positive RSI. Any bullish momentum that breaks above $396 can bring $475 into the picture. Remember, the annual high of $488 is very much possible in the next three months.
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