- Ethereum price prediction optimistic for $600 high.
- Strong resistance found at the $416 mark.
- Strong support is found at the $402 mark.
Per the Ethereum price prediction by Trading Shot, the price will see an uptrend towards $600, which is where the upper boundary of a large ascending channel lies. The price returned above $412 on the 24-hour charts.
1-Day Ethereum price analysis
The altcoin traded at $413.55 at the time of writing, after observing an ascending slope on the charts for the 24th of October.
Ethereum price prediction: Altcoin expected to hit $600
A large ascending channel was marked on the ETHUSD charts by Trading Shot from Trading View. The analyst expects the price to move towards the $600 mark.
The analyst highlighted a small channel in the bigger ascending channel up, and they are of the opinion that the price will assume an uptrend in this channel, which has an increased slope than that of the major channel. The assumed uptrend is said to allow the price to reach $600, which is also where the main channel’s upper boundary lies.
The analyst pointed out the harmonic pivoting of the middle line of the channel by the price. The ascending channel was formed during Q4 2018, while the price entered the smaller channel in March 2020. The Logarithmic Moving Average Convergence Divergence (LMACD) technical indicator is also about to see a bullish cross, a bullish indicator for the asset.
Trading Short is of the opinion that the Ethereum price will reach $600 by the end of this year.
What to expect from Ethereum?
Ethereum is currently supported by the 20-Day Exponential Moving Average and the ascending trendline. The price is expected to rise towards the upper resistance of a big ascending channel. This channel highlighted on the analyst’s chart below was formed during mid-2019.
The price broke out of a big broadening wedge formation on the 20th of July, after which it has been moving close to the ascending channel’s upper boundary. Vince Prince expects the price to break above this major channel after testing it multiple times and getting rejected. Eventually, the coin will gain enough momentum to break above the channel and rise towards the broadening wedge’s target zone, marked near the $774 level.
The analyst believes that for this idea to come into play, the price should continue to be supported by the Exponential Moving Average that it is currently supported by. This means that the price will have to close above the technical indicator; otherwise, the bearish pressure will start to increase, and Ethereum will begin to point towards the lower price levels. Per the analyst’s opinion, the 20-Day Exponential Moving Average plays an important role in deciding the cryptocurrency’s upcoming trend.
After reaching the target zone for this big trade, the price is expected to be rejected by the horizontal resistance that is found at the $774 mark. The rejection will cause Ethereum to see a pullback towards the $550 to $570 range.
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