- Ethereum price prediction expects a rise above $409.03 level.
- The queen is following Bitcoin into a bullish flow.
- Ethereum price finds strong support at the $400 mark.
The Ethereum price prediction by Vince Prince has suggested that the altcoin will soon break above the $409.03 level. The cryptocurrency traded below the $388 mark on the 4th of November.
1-Day Ethereum price analysis
ETH was priced at $406.66 at the time of writing on Coinbase. The cryptocurrency observed an uptrend in the evening of the 5th of November, and the cryptocurrency has finally broken above the $404 level.
Ethereum breaks above $392
The altcoin has been trading near the $374 to $392 range for a while now, and the cryptocurrency is expected to rise above the $392 level by Atlas Trades.
The idea chart above shows that the cryptocurrency rose past the $392 mark on the 5th of November as the market turned bullish. The cryptocurrency saw an abrupt rise in the price, and it has been supported by the $374 mark from the 9th of October. Currently, ETH trades above the $400 mark; if the cryptocurrency can close above the $400 level and confirm support here, the price will see further uptrend to test higher levels.
Ethereum tests the $408.56 level
The chart below highlights two ascending trendlines on the 2h time frame for the ETHUSD pair. The cryptocurrency was expected to bounce off the lower trendline after seeing a pullback towards it. The pullback was to be followed by a rise in the price.
On the 5th of November, the cryptocurrency saw an abrupt increase in the cryptocurrency’s price and rose above the upper trendline, and moved towards the $408.56 horizontal resistance to test it. If the cryptocurrency confirms a support level here and breaks above this resistance, the turnout will be very bullish for Ethereum. The bottom of the range lies at the $366.33 level.
Ethereum price prediction: Rise above $409.03 next?
The price has been varying inside a down-channel in multiple wave counts. The analyst believes that the price will see a pullback towards the broken resistance of the falling channel.
A support-cluster lies near the $392 mark because of the upper boundary of the falling channel and the two Exponential Moving Averages highlighted in the chart above. The analyst believes that a pullback will follow this breakout because the price will test the $409 horizontal resistance, which will reject the price. The pullback will follow a bounce-off from the support-cluster, and the bounce will cause the cryptocurrency to shoot across the horizontal resistance at $409.03.
What to expect from Ethereum?
Looking at the chart below, we can see that Ethereum trades in a down-channel that has been placed inside a bigger up-channel. The price is expected to break above this channel soon after it rides along the upper boundary. The Trading View analyst Nagiha Toum believes that the breakout will cause the price to rise towards the main channel’s upper boundary.
The upper resistances are highlighted at $450.67 and $481.33, and Ethereum is expected to break above these. The channel that the altcoin currently trades in is situated at the bottom of the main channel.
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