TL;DR Breakdown
- Ethereum price prediction expects a rise to $1200.
- Strong resistance lies at the $1140 mark.
- Strong support currently lies at the $1060 mark.
The queen of cryptocurrencies is following the king closely. After Bitcoin gained momentum, Ethereum followed suit. The daily price action of Ethereum also resembles that of Bitcoin’s closely. The daily low for the queen was $988, while the 24-hour high was $1,145. At the time of writing, Ethereum was priced at $1,121.84.
14 of the 28 technical indicators are giving out a buy signal buy, whereas ten are neutral and four are sell indications. The oscillators are mainly neutral, with one indication of buy and sell each. 13 of the 17 moving averages are giving buy indications with three sell indications and one neutral indication.
Ethereum price predictions: What to expect?
Even though bullish momentum has picked up for Ethereum, some analysts are of the view that Ethereum will most likely drop soon. Analyst Marshall Singh has identified two possible trajectories for Ethereum in his Ethereum price prediction. Per the analyst, Ethereum can break out to the upside from the ascending trend line and regain its earlier bullish momentum. If this happens, the analyst predicts a price level of around $1,400 and possibly breaks its all-time high.
On the flip side, the cryptocurrency can break out towards the downside from the ascending trend line. In this case, positive pullbacks might occur, but Ethereum can eventually fall to $800. According to the analyst, the crash to $800 is more likely as of now. Ethereum has been facing strong resistance from the MA-50 line – in purple – and strong support from MA-200 – in blue – but the analyst suggests that it is more likely for Ethereum to break the support rather than the resistance.
Another analyst, Yashardo, has also identified a similar target price level for the cryptocurrency in their Ethereum price prediction. According to the analyst, Ethereum is on a downward wave-count, close to completing the second wave (B) currently. After peaking at wave B, a sharp descent can be expected from the cryptocurrency. The analyst expects Ethereum to reach a price of $750 in the next few days. In its downward trajectory, Ethereum will also encounter various Fibonacci retracement levels. However, it is more likely that those levels will not be able to hold as support.
However, the future of Ethereum is not all dark as not analysts agree on the bleak future of the cryptocurrency. Some analysts are also suggesting long positions as they are expecting Ethereum to jump upwards and even possibly break its all-time high.
Analyst Asdasdvasd has identified an Adam and Eve formation in their Ethereum price prediction. The bullish formation has been confirmed by the decreased volatility in the price action of Ethereum. The neckline of the formation is $1,141. The analyst is expecting the formation to hold as Ethereum breaks out towards the upside. The analyst is hopeful for Ethereum and has set a potential target of $1,253. The RSI can also be seen to be picking up the pace towards the upside. The bullish RSI will support Ethereum to break out of the formation towards the target price. The EMA 42 is also acting as the current support for Ethereum.
