TL;DR Breakdown
- Ethereum price prediction expects a rise towards $800.
- Strong support lies at $716.
- Strong resistance is found at $750.
The queen of cryptocurrencies topped the day at $750 while the 24-hours low for the queen was $717. At the time of writing, the queen stands at $733. The queen of cryptocurrencies usually follows the king – Bitcoin – quite closely but as Bitcoin is aspiring for record highs, the queen is seen to be facing more bearish pressures since it has not been correlating with Bitcoin like the usual. This could be an indicator of future price corrections.
All the major technical indicators are giving out a signal of buy. Out of the total technical indicators giving a buy signal, most are of the moving averages. The overall indication of the moving averages is a strong buy. Most of the oscillators are neutral but with an overall indication towards sell.
Ethereum price prediction: What to expect?
In his Ethereum price prediction analyst Vince Prince explains that Ethereum was in operating in an ascending channel formation but bullish pressures led to the coin breaking out of the formation ahead of time towards the upside. The ascending channel formation was identified as Phase A. Currently, the coin is in Phase B ascending channel. The phase B ascending channel’s formation support line is the previous channel’s resistance line. In the current Phase B, Ethereum has also formed a coherent wave count.
Ethereum is underway completing the wave C but it appears as though the bullish pressure is strong as Ethereum seems to be moving higher towards the wave D at $766 bypassing the lower wave C. The final wave, E, of the formation, will be crucial as it lies in a strong backup cluster at $712. The backup cluster support is expected to give the coin a strong push towards $800. The 35 EMA level – in green – and the 45 EMA level – in black – will also be acting in support of this upward hike. If that happens successfully then Ethereum will break out of the current Phase B and move on to a higher Phase C.
Analyst Bixley is expecting a bullish outlook for the future in their Ethereum price prediction. The analyst has identified complex spiral structures in Ethereum’s price action. The spiral structures are an indication of the rocky journey Ethereum has ahead. Pullbacks can be expected but overall Ethereum will be on an upward trajectory, according to the structures. Bearishness can be expected from Ethereum at the red points observed on the graph. Currently, the price action can be seen to be operating in a small parabola.
Analyst Trading Guru is suggesting two possible scenarios in their Ethereum price prediction. As per the analyst, Ethereum has broken out of a strong resistance level but it appears as though it is going back to retest the same resistance level. The first option is to wait for Ethereum to confirm the horizontal support zone and then take a long position. And the second option again is to wait but for the retracement so as to confirm if Ethereum is going to be in a lower zone, opting for a short position. Suffice it to say that Ethereum is currently giving out mixed signals and it can either go up to phenomenal levels to drop down sharply.
