TL;DR Breakdown
- Ethereum price predictions expect a rise to $1400 and above.
- Strong resistance currently lies at the $1240 mark.
- Strong support currently lies at the $1200 mark.
Following the footsteps of the king of cryptocurrencies, the queen of the market has also picked up bullish momentum. The queen is underway to the current bull run’s high of $1,300. With near-identical daily price action to the king, the 24-hours low for the queen was marked at $1,180. Thereafter, ETH picked up the pace to achieve the 24-hours high at $1,255. At the time of writing, the queen is trading hands at $1,207.
The market sentiment is highly bullish, with 18 of the 28 technical indicators standing at buy. Out of the rest, ten indications are neutral, whereas zero are of buy. Nine of the oscillators are neutral with two buy indications and zero sells. 16 of the 17 moving averages are giving out a buy signal with one neutral indication and zero sell indications.
Ethereum price prediction: What to expect?
Analyst Vince Prince identified a bull flag formation in his Ethereum price prediction. Per the analyst, if the cryptocurrency confirms the bull flag, it could lead to sky-high price levels. The cryptocurrency is operating in an ascending channel formation, further confirming a bull flag formation. Ethereum has also established a coherent wave count within the formation.
The cryptocurrency has completed the first wave of the six waves movement – wave A – and is on the way to complete wave B at the time of writing. The analyst expects the wave count to proceed till wave E.
The lower boundary of the ascending channel is also crucial support for the cryptocurrency, Prince believes. Ethereum needs to hold support to confirm the bull flag formation. If Ethereum breaks the support level, it will enter a bear zone, which will invalidate the bull flag. Prince is further expecting Ethereum to break out of the formation after wave E to the upside and lead ETH into new all-time highs above the $1,400 price level.
In their Ethereum price prediction, analyst Top Trading Signals sound hopeful for the cryptocurrency’s future price action. The recent correction move is an indication of the optimistic future ahead, the analyst stated. The cryptocurrency has broken out of the horizontal structure, acting as a resistance in the corrective move. The structure is now strong long-form support for the cryptocurrency.
The analyst is expecting Ethereum to go up and break the local highs. Per the analyst, the upwards move by Ethereum would fluctuate as the cryptocurrency drops to re-test the support level, but it will move upwards, nonetheless. The analyst’s first target price is $1,226, followed by the test target price at $1,350.
Analyst Wbto is also expecting ETH to reach new highs in their Ethereum price prediction. The potential target set by the analyst is $2,500. However, the analyst is also wary of the corrective move that will follow after the cryptocurrency peaks. Per the analyst, Ethereum can be expected to drop to a staggering low of $500 price level once corrections overtake.
