- Ethereum price prediction experiencing a descending trend
- Ethereum currently at the $448 mark
- Low trading volumes of ETH with BTC retracing.
Ethereum price is seen making a descent in the past 24-hours, and the queen of cryptocurrency is currently at $448.26, sinking from $463.69 earlier today. Bitcoin (BTC) is seen as treading low waters with a bearish possibility, and Ethereum may follow a similar pattern.
At the time of writing, the queen of cryptocurrency is trading hands at the $449.95 mark. While on the other hand, trading view technical signals display a weak buying momentum of 14 while 4 stand on a sell.
The moving averages also signal towards a strong buying impetus of 12, with the Exponential moving average valued at $454.89 inclined towards selling. Simultaneously, the oscillators depict a relatively weak buying tendency of 2 with a relative strength index of 58.36 inclined towards neutral action.
Ethereum price prediction: What to expect?
Scanning the cryptocurrency Ethereum (ETH) treading path on a 6-hour timeframe outlook, VincePrince, through the chart below, discusses the current trends in the structure and provides useful insights, handy for traders to make meaningful decisions.
A stark similarity and inverse proportionality in the trends of the two cryptocurrency powers can be seen on the charts. Bitcoin managed to complete its wedge formation and move towards a bearish eruption. Similarly, Ethereum has completed its triangular structure, but ETH has tested higher limits, displaying a bullish breakout, unlike the king.
Besides a sturdy price-action in the queen’s favor, the analyst takes us through the next triangular formation in progress as well as the queen’s significant structural development.
The second triangular structure is coming up right alongside the completion of the first, above the upper limit of wide wedge structure (in orange on chart) and 15-EMA (in blue on the chart). Once the queen navigates through this structure, completes its formation including the cogent wave count, and manages to tread above the upper boundary maintaining a consistent position, ETH will see a new channel of growth and sturdy potential. The analyst concludes by recommending to watch out for the completion of the second triangle and base decisions on its validation or invalidation.
WyckoffMode, another known analyst, observes a strong upward thrust developing with the trends recognized in the 5-Day, 6-Day, Weekly, 9-Day, and 12-Day candles. The expert believes it is a good time to invest in Ethereum but warns to remain temperate in one’s trading approach. Focusing on the higher time frames, it is vital not to get carried away with high leverages to diminish the chance of liquidation. The analyst has not covered lower time frames and believes that opening a long position in the higher time frames is currently a feasible option.