The market sentiments for Ethereum on the 12th of October have been positive. The cryptocurrency observed another bullish move, where it ascended past the $387 mark. Previously, the cryptocurrency held the $370 level.
1-Day Ethereum price prediction and analysis
The cryptocurrency market observed another uptrend on the 12th of October after seeing a brief pullback. Ethereum, one of the leading altcoins, jumped past the $385 level in the evening, followed by another jump to $396 but unable to sustain. At the time of writing, the coin is priced at $383.83 US Dollars.
Ethereum price prediction: The $400 mark up next?
The cryptocurrency has been ascending on its charts in October. Vince Prince employed the ascending parallel channel on the daily timeframe, and they believe that the cryptocurrency will hit the $400 mark soon. Near this region, the cryptocurrency is expected to hit multiple resistances.
After the ascension, the coin will approach the upper boundaries of the smaller ascending channel (blue) and the major ascending channel (black). Apart from these, a horizontal resistance (red) lies in the same region. The high level of resistance will reject the cryptocurrency and cause it to fall towards the lower end of the blue channel. The Exponential Moving Average (EMA) is expected to move in to provide support to the price trajectory near this region and allow the cryptocurrency to resume its ascension towards the horizontal resistance. A break above this resistance cluster will be major for Ethereum, and it may allow the cryptocurrency to test higher highs.
Ethereum continues to rise towards $395
The cryptocurrency had been accumulating in the $370 to $380 price range ever since it broke past the $370 horizontal support on the 10th of October. Atlas Trades expects the price to rise towards $395 after breaking out of this trading range.
On the hourly time frame, the crypto broke above the range on the 12th of October with bullish momentum. ETH price should test the $395 resistance next. The trade seems active right now. A closure above this resistance will allow the cryptocurrency to enter a good long position for the trade.
What to expect from Ethereum?
While the cryptocurrency appears to be testing the resistance above the $390 level, the analyst expects the price to move towards the $419 mark next. The coin has recently moved past a falling wedge, after which it bounced off from support near $335 after an accumulation period.
Recalling the ETH fall from the 1st of September, the analyst believes that the cryptocurrency will observe a similar drop in the price levels with a more bearish momentum towards the downside. If this price fall occurs, the ETH price should fall towards the $270 mark.
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