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ETH appears to have held above $375 on the 13th of October after observing a minor pullback from the $395 resistance. The Ethereum price prediction by Atlas Trades suggests that the cryptocurrency will test the $400 mark next.
1-Day Ethereum price analysis
ETH has held over the $378 mark during the 24-hour trade, which is important for Ethereum if it wants to test and break above $400. The coin traded at $377.89 US Dollars at the time of writing.
Ethereum price prediction: Will ETH hit $400 next?
Ethereum has recently been observed trending upwards on the charts as the market shows better sentiments for buyers. The key resistance for the altcoin is marked near $395, and a break above this resistance will allow the ETH price to see further ascension.
If we look at the chart above, the cryptocurrency has formed an ascending trendline from the 3rd of October. The coin seems to be gradually moving up. ETH recently broke above $378 and Atlas Trades has suggested that it will test the $395 mark next. On the 12th of October, the coin tested the horizontal resistance and faced a pullback towards the support.
Altcoin holds $378 support
After testing the $376 resistance for over 4 days, the cryptocurrency finally broke above it on the 12th of October when the cryptocurrency market turned bullish.
On the 13th of October, the price observed a brief pullback; however, Ethereum still holds steady above the $380 mark. It has retreated towards the resistance-turned-support structure marked below $380, and it is expected to test the $395 resistance next. Previously, the coin touched the horizontal resistance at 22:00 GMT on the 12th of October when it got rejected and fell towards the newly formed support level.
Ethereum looks to build upward potential
The cryptocurrency market’s huge fall during the first week of September hadn’t seen any promising price recoveries until very recently. The ETH price seems to be testing higher resistances and confirming support levels.
The Trading View analyst Sadovoy Trade has said that if ETH holds the $364 mark, the cryptocurrency will rise to upper resistances that lay above the $418 mark in the long-term trade.
What to expect from Ethereum?
A wave completion may be followed by a descending move towards the $370 mark while Ethereum trades inside a big ascending channel.
Ethereum is currently supported by an upper ascending trendline that can be seen in the chart above. The cryptocurrency recently completed the ABC wave, while it has been rejected by the distributional channel on the 13th of October. The price should fall towards the ascending trendline after a pullback. This pullback is expected to follow a price reversal which will allow ETH to retest the upper resistance of the channel.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
