- Ethereum price prediction is swiftly moving towards he $500 mark.
- Ethereum displays powerful bull mode
- Current support is found at $469.
Ethereum price gained strong support for the $463 mark and above in the past 24-hours, and the queen of cryptocurrency is now onto the $465 high. In the past 12-hours, the Ethereum price hit the $478 mark. Apparently, the queen of cryptocurrency has been following the king bitcoin into the latest rally. If the current market trend persists, ETH will likely see new highs and most likely hit the breakthrough $500 mark in the days to come.
At the time of writing, the queen of cryptocurrency is trading hands at the $469.88 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (18) and an even weaker selling momentum (3). The moving averages signal a strong buying impetus, with the Exponential moving average valued at $464.48 inclined towards buying action. The oscillators continue a weak buying approach with a relative strength index of 66.12 inclined towards neutral action.
Out of the 17 Moving Average indicators, 15 give a buy signal while the 1 stands on a sell. Similarly, out of the 11 Oscillator indicators, 3 are giving a buy signal while 6 lean towards neutral.
Ethereum price prediction: Where is ETH headed?
Top trading view analyst, VincePrince discusses some interesting trends and detects meaningful levels of the cryptocurrency queen through the chart below.
Ethereum has been navigating some critical points on the plain since its formation of the significant triangular notion and managing a breakout, intensifying the bull mode. The cryptocurrency queen has now confirmed the Dynamic-Confirmation-Cluster marked in the chart above. The analyst calls these trends stepping stones, leading to impactful changes on the Ethereum charts.
The chart indicates Ethereum’s constant bounces withing the Dynamic-Confirmation-Cluster marked in blue as well as in the 200-EMA, which detests these levels as a sturdy support for the queen. Furthermore, a continuous wedge-like structure formed with the waves A-E point towards a strong upward thrust. Once wave E bounces as expected, a strong bullish breakout is set to be in motion with full validation predicted once Ethereum moves over the upper limit. The analyst recommends assessing the levels around the $490 mark, as bullish elevations around the zone are expected once the wedge-like formation completes its development. Powerful bull mode displayed by Ethereum bouncing in the EMA and dynamic cluster confirms that a break out is close by. VincePrince confirms the outcome of these indications to be testing new upper price marks on higher timeframes.
Another famed analyst, Solldy, noted the price is consistent on a strong resistance trend, which originated in May 2018 and suffered a bounce off it on November 7. Ethereum has been struggling to break through the resistance line, but no success has been found yet. The analyst predicts the queen to bounce off the strong line, dipping down to the support levels as displayed on the chart above.