- Ethereum price prediction expects recovery ahead.
- A bullish price streak could help ETH rise above the break $600 mark.
- Current support persists at the $545 mark.
Following the movement of the king of cryptocurrencies closely, the queen began the day with a bright note by achieving the all-day high of around $595 right at the start of the day. However, the queen had been on a downward spiral ever since and stopped at the all-day low of $530. Currently, the queen is priced at $573.19 at the time of writing.
9 out of the 28 technical indicators are signaling a buy whereas 9 are signaling a sell. 10 indicators are neutral and the overall indication is that of buy. Oscillators are mainly neutral and moving averages are signaling a buy.
Ethereum price prediction: what to expect
According to analyst Vince Prince, the queen of cryptocurrencies is trading in a massive descending channel formation where a coherent wave count was established by the coin. The recent price action portrayed by the queen is detrimental to its future.
Recently, the queen pulled back from a resistance cluster which is evident of the current bearish tendencies. Ethereum then went on to test another trend line, marked in dashed grey and failed. After testing EMA levels, the queen continued to move downwards. Following the wave count, it is expected that the queen will reach the lower boundary of the descending channel but only to swing back upwards, However, towards the upper boundary of the channel, the wave D, Ethereum is going to face strong resistance and currently, it seems highly unlikely that the queen will be able to break out upwards. The wave count will be completed by the queen with the final wave E. The queen will find strong support at $494 and if it stabilizes then good things can be expected from the future.
However, the queen can also fall into the extension zone of wave E which will be its entrance into a major bearish zone. The coming times will be extremely crucial to Ethereum’s future price actions. The queen has had similar bearishness to the king of cryptocurrencies, but where Bitcoin has an ascending channel formation Ethereum has a descending one. Hence, more bearish sentiments can be expected from Ethereum.
The descending trend line formation of Ethereum also coincides with channel support in the green zone. According to analysts another important consideration to make for Ethereum to move up is for it to stay above the $540 level. If it cannot sustain above $540 then there is a plausible possibility that it can drop below $500. Strong resistance can be expected at the $590 level.
Alan Masters suggested in his Ethereum price prediction that ETH is moving below the support levels, and a drop is highly likely. Masters think that Ethereum aiming at levels way lower. The queen of cryptocurrencies moved below the EMA-10 level as did the king. Moving averages convergence/ divergence and relative strength index are also suggesting very strong bearishness.
Alan Masters, however, states that Ethereum is not in danger and traders should not be alarmed. This is a routine correction move and prices will soon be on a bullish trend. Ethereum will soon break out of the bearish bias and aim for breaking the current all-time high.