- Ethereum price prediction expects a rise to $470 next.
- ETH price finds strong support at the $400 level.
- Strong resistance found at $420 is holding the price at the time of writing.
The Ethereum price prediction by multiple analysts suggests that the cryptocurrency will test the $470 level if it manages to hold above the $400 support it has recently formed. On the 23rd of October, the price turned slightly bearish and fell towards the $405 level.
1-Day Ethereum price analysis
The cryptocurrency traded at a day’s high of $421.51. At the time of writing, Ethereum was priced at $405.63.
Ethereum price prediction: Where is ETH headed?
An ascending channel has been forming on the ETHUSD pair’s charts, and the price has assumed a wave pattern while it trades near the upper boundary of the channel. Vince Prince suggests that the coin will soon break above the channel and rise to the $477 mark.
Lately, the ETHUSD trade volume has seen an increase, and the cryptocurrency is expected to observe a pullback before retesting the upper boundary of the ascending channel. This retesting of the resistance may follow a breakout towards the upside.
The price may also follow another pullback after the first retest, which will eventually be followed by another retest of the resistance and a breakout. The Exponential Moving Averages seem to be supporting the cryptocurrency, and the take profit for this long-term trade opportunity was marked at $477.50.
While talking about the altcoin’s behavior, the analyst stated that ETH had observed a great bullish breakout above the $400 mark recently. This breakout was very important for Ethereum, and if it continues to hold this level, it will see to the previously discussed ascension.
Could Ethereum see a pullback?
Another crypto analyst highlighted a triangle-like pattern on the ETHUSD charts. While the price broke above the $408 resistance, Solldy believes that the price will see a pullback towards the $385 level soon after being rejected by the descending resistance above.
The price is expected to move towards the $415 level, where it will meet the falling resistance within the triangle pattern. A weak momentum for Ethereum will not allow the price to break past the trendline, which is why the price will retest the support near $385 instead of moving upwards.
Ethereum has finally made its way above the monthly support, and now it rests above $400. This zone is an important region for the cryptocurrency, and if it holds above this newly formed support, the price will see towards testing higher resistances.
Looking at the chart, we can see that the price moved above the accumulation zone during the second week of October. It has been trading over the monthly support ever since, and ETH recently broke out of the $385 region and stabilized over $400. The next resistances are marked at $444, $469, and then $498.
Kyer believes that the bullish momentum that Ethereum holds will allow it to head towards the top of the valley (on the chart) and hit the $470 mark soon. After hitting the top, the analyst expects a reevaluation of what’s next for Ethereum.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on October 23, 2020 7:41 pm