- Ethereum price prediction expects a new all-time high
- Strong support is found at $732.
- Strong resistance is found at $756.
The queen of cryptocurrencies has been on a gradual upward trajectory for the whole duration of the year. It achieved the all-year high today at $755. As for the day, the queen of cryptocurrencies had a low of $719 and topped at the year high of $755. It is currently priced at $745. The queen of cryptocurrencies has had some major fluctuations during the day and a head and shoulder formation can be seen in the price action. Although the queen picked up the pace even after breaking out downwards from the formation.
Ethereum price prediction: What to expect?
Analyst Vince Prince has identified various major formations in the price action of the queen. A coherent wave count has been established by the analyst. The cryptocurrency moved to a lower level from the original wave count at the wave numbered five. A lower wave count was then re-established and Ethereum us expected to soon complete the wave five. However, the situation is expected to go downhill after wave five.
The wave five lies in a broadening wedge formation. The broadening wedge formation also contains a strong resistance level at around $770 and the Fibonacci resistance as well. Suffice it to say that Ethereum will face bearish pressure and will be moving down afterwards. The $800 level is highly unlikely to be achieved by Ethereum with the current trajectory as it will have to overcome some major resistance.
The pullbacks will, most likely, bring down the coin and unless the coin establishes itself at the backup cluster, it will continue to move downwards. If Ethereum holds the backup support cluster then the predictions for the future are highly optimistic. As per the analyst, Ethereum can pullback from the backup cluster and even possibly surpass the all-time high level of $1,400.
Analyst Solldy suggests a long position as the queen of cryptocurrencies has been flirting near the ascending resistance line even surpassing it for brief moments. A pullback to the support line was invalidated by the price action of Ethereum indicating that the coin intends to stay near the resistance line and continue testing it.
Analyst Tibor Vrbovsky has identified an ascending triangle in his Ethereum price prediction. The ascending triangle is biased to breakout upwards. According to the analyst, if the coin achieved a level of $750, it will confirm the bullish outlook for the near future and Ethereum has not only crossed $750 but also achieved a level of $755. Hence, Ethereum can be expected to continue its bullish outlook. The analyst also predicts a break towards the $800 level soon.
This can be an ideal long position as the support lies at around $710 and the risk analysis appears to be positive. Ethereum can break out to either staggering high levels or find support at the $710 level.
While, in his Ethereum price prediction analyst WyckoffMode, explains that Ethereum is displaying a strong bullish outlook and there is a strong potential that Ethereum will continue to rise with the upward pressure till mid-January. The potential price is expected to be $875 and can go as high as $1,021.