The cryptocurrency observed a jagged trading pattern on the 10th of October. Per the Ethereum price prediction by Skyline, ETH will soon move past the $400 levels.
1-Day Ethereum price analysis
Initially, the price experienced a spike in the price levels where the coin jumped past the $378 level and approached a day’s high of $378.36. The coin traded at $375.82 at the time of writing.
A strong ascending channel can be observed forming on the 4-hour chart for the cryptocurrency. Vince Prince stated that the cryptocurrency will fall towards the downside after observing a pullback from the upper boundary of the channel.
Ethereum observed a brief pullback on the 10th of October. The idea suggests that the coin will see a continuation in its fall towards the $365 mark. This pullback is expected to be followed by a bounce that will reverse the price trend and cause the cryptocurrency to move towards the $380 level. In another scenario, the cryptocurrency may extend the first pullback and fall towards the $350 mark, near the lower boundary of the big channel.
Ethereum price prediction for $400 mark
An accumulation zone can be observed on the 2-hour chart below. The cryptocurrency has been trading above and below this region, as shown in this chart by the Trading View analyst Skyline.
Currently, the price has entered the region again and now it is expected to bounce off the lower boundary and rise towards the $390 level. In the long-term move, the cryptocurrency might break above this region and rise past the $400 mark.
Where is Ethereum price headed?
An ascending channel has been forming on Ethereum’s charts. Pro Fx Market Sniper has suggested that the ETH price will make a long-term move towards the $420 mark.
The coin is expected to rise towards the upper boundary, which will be followed by a price rejection and a drop towards the lower boundary of the ascending channel. On the 11th of October, the price broke below the channel. The target price lies above the $420 mark, this may even be a false breakout of this channel.
Ethereum holds the $370 resistance
Ethereum has secured a monthly resistance near the $370 mark. The coin had been exploring support levels between the $330 to $370 range for a long time. The Trading View analyst Kyer expects the price to continue to its ascending move towards the $415 level.
The three target prices were laid at $385, $400, and $416. Ethereum was observed varying above the accumulation zone from the 25th of September. The monthly resistance, which was previously broken towards the downside on the 21st of September, was retested and broken through on the 9th of October. If Ethereum can hold this monthly resistance, it will be able to test resistances while moving upwards on its charts.
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