- Ethereum price prediction towards $388 playing out smooth.
- Ethereum finds strong support at the $375 mark.
- Ethereum carrying strong resistance at the $380 mark.
On the 20th of October, the ETH price line observed a bearish move as it fell towards the $368 level. Per their Ethereum price prediction, Atlas Trades still believes that the coin will soon hit the $388 mark.
1-Day Ethereum price analysis
The cryptocurrency approached a high of $380.95 on the 20th of October. The altcoin was priced at $379.50 US Dollars at the time of writing.
Ethereum price prediction: Would ETH hit $388 soon?
In another one of the daily analyses of Ether, Atlas Trades stated that the price will hit the $388 resistance soon.
The take profit for this trade was marked at $388, which is where the horizontal resistance lies for the cryptocurrency. The price appears to have been supported by the $370 level for over a week now.
The cryptocurrency was expected to hit $388 on the hourly chart per the trade analysis for Ethereum. Solldy drew multiple ascending trendlines for the cryptocurrency.
The price broke below the $365 mark on the 20th of October. The price was expected to test the $388 resistance in this trade; however, the cryptocurrency observed a bearish momentum and moved below the $373 support-turned-resistance.
Ethereum price movement on technical indicators
A further uptrend for Ethereum was expected to occur on the 4-hour chart. The cryptocurrency has been trading inside a parallel channel and the price was to hit the lower ascending line of the channel to gain support.
On the 20th of October, the trend turned bearish, and the price broke below the ascending channel to move towards the lower Bollinger Band. The trade volume increased with an increase in the cryptocurrency’s price, while it also followed a decreasing move with a decrease in the price. This means that the buying pressure might be increasing for the ETHUSD pair.
The Moving Average Convergence Divergence (MACD) line has moved above the signal line, and the histogram size has also been decreasing in the positive region lately. This means that there’s a bullish bias in the ETH market. The Relative Strength Index (RSI) was marked around 55.00, which shows that the coin is still in the neutral zone.
Recently, ETH tested the midline of an ascending channel and formed a bearish candle on the 20th of October. The price is expected to test the 10-Day Exponential Moving Average that lies beneath the ETH price level.
A trading range may form between the 10-EMA and the channel’s midline, allowing the cryptocurrency to observe a wave pattern here. Eventually, an upward bounce-off will cause the cryptocurrency to test the $393 level. This is expected to result in an upward breakout that will allow the coin to break past the black ascending channel and test the upper resistance in the blue ascending channel. The cryptocurrency needs to stabilize after breaking above the major channel.
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