- Ethereum price prediction expects a $390 high.
- Ethereum price moving in an ascending channel.
- Ethereum finds strong support at $375.
While the cryptocurrency market saw a green light over the 24-hour chart, the queen of cryptocurrency stepped past the $383 level. The analysts’ Ethereum price prediction suggests that the cryptocurrency will move towards the $388 mark soon.
1-Day Ethereum price analysis
At the day’s highest, the cryptocurrency approached $384.7. The altcoin stood at $383.31 US Dollars at the time of writing.
Ethereum price prediction: Where is ETH headed?
The chart below gives a detailed technical analysis for Ethereum on the short-term setup. The analyst Mudrex has stated that the cryptocurrency will observe sideways movements.
The price has been trading inside the Bollinger Bands after being supported by the midline. The upper Bollinger Band acted as the resistance, and the analyst expected the price to decline due to this reason, with a continued consolidation. The trade volume also observed an increase as the price increased, while the volume decreased as the price decreased. This means that buying pressure is strengthening for Ethereum.
The Moving Average Convergence Divergence (MACD) line appears to be moving above the signal line, while the histogram size is decreasing in the positive region. All of this indicates that the price is about to turn bullish.
The Relative Strength Index (RSI) was marked above 54.00, which shows that the cryptocurrency is in the neutral region. On the 19th of October, the price rose towards the $385 mark instead of observing a sideways movement.
Ethereum to rise towards the $388
Ethereum was expected to test the $388 mark on the 19th of October. The cryptocurrency was supported by the $373 horizontal support.
Solldy suggested that the price will reach the take profit near the $388 resistance. The price currently appears to be trending upwards. A test of the $388 resistance will allow the cryptocurrency to break upwards and move towards the higher resistances.
The ETH price recently broke out of a falling channel marked between the $366 to $388 price range. Atlas Trades also believes that the cryptocurrency will rise towards $388 soon.
The upward breakout was highlighted on the 18th of October, after which the price has been trending upwards on the chart. On the 19th of October, the cryptocurrency observed a sudden increase in the price, and it moved towards $385. The coin is expected to test the $388 resistance soon. A retrace to the horizontal resistance will allow ETH to break upwards.
ETH was varying above a monthly resistance for the past 10 days. Kyer expected the ETH price to test higher resistances near the $385, $401, and $415 levels.
If Ethereum continues holding above the monthly resistance, the price will test the $385 resistance. On the 19th of October, the ascension allowed the cryptocurrency to move towards the nearest resistance near $385.
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