TL;DR Breakdown
- Ethereum price prediction expects a rise towards $1400.
- Strong resistance lies at the $1300 mark.
- Strong support lies at the $1200 mark.
The queen of cryptocurrencies was on a roll as it broke the norm and picked bullish momentum despite the king being majorly bearish. However, the queen could not sustain the bullish momentum and is back to following the king. In the daily price charts, Ethereum is following the movements of Bitcoin closely. The 24-hour high for Ethereum was $1,389, while the 24-hour low was $1,196. At the time of writing, Ethereum is trading hands $1,251 apiece.
Out of the 28 technical indicators, 12 stand at a buy position, whereas 10 are neutral indications and six are sell indications. Nine of the oscillators are neutral, with buy and sell at one indication each. Out of the 17 moving averages, 11 are giving out a buy signal, whereas five are sell indications with one neutral.
Ethereum price prediction: What to expect?
Analyst Trading Axis has identified a harmonic bat pattern in their Ethereum price prediction. The reversal and continuation formation are indicative of bullish biases. The analyst has also pointed out a harmonic ABCD formation, which also points towards future bullish momentum.
Per the analyst, once the bat formation is completed, Ethereum can break out towards the price level of $1,300. Towards the end of both the bat and the ABCD formation, the analyst expects Ethereum to encounter a strong support structure. The support structure ranges from $1,147 to $1,181. The analyst believes this can be a good opportunity to buy Ethereum as technical indicators signal a bullish market sentiment in the coming days.
Analyst Project Syndicate is pessimistic about the future outlook of the cryptocurrency in their Ethereum price prediction. Bearish pressures have overtaken Ethereum after it skirted close to the possibility of establishing a new all-time high. The analyst strongly believes that Ethereum is under major corrections – at least in the short term.
Suggesting a short position to traders in his Ethereum price prediction, the analyst warns of huge losses in the market that are to come. Per the analyst, the cryptocurrency re-tested its all-time high, and after failing, it is now dumping. The analyst expects a target price of nearly $1,000 from the cryptocurrency as it retests the support level at $1,000.
Ethereum losing transactions to Tron
The use of controversial cryptocurrency, Tether, on Tron has now surpassed that of Ethereum. The major cause of this pull towards Tron is the platform’s lower transaction fee, especially when compared with Ethereum. The average fee of an Ethereum transaction set a new high at $19 a while ago, and although the fee has dropped to $9 at present, it is still relatively high. This has caused a migration from Ethereum to Tron.
The total transactions per week have remained steady on Ethereum; however, the amount has grown exponentially on Tron. In terms of value, the transactions on Ethereum are still higher than those on Tron. This indicates that the major migration from Ethereum to Tron has been of daily trading users while users with larger capital continue to pay the high fees on Ethereum. This could pose a problem for Ethereum if Tron continues gaining popularity and possibly affect the ETH price momentum.
