- Ethereum price prediction is weak for a re-rise.
- Ethereum lost support for $461 level.
- Current support is found at $435.
Ethereum price lost strong support for $441 and above in the past 24-hours, and the queen of cryptocurrency is after consistent $435 is now onto the $460 high. In the past 12-hours, the Ethereum price hit the $441 mark. Apparently, the queen of cryptocurrency has been following the king Bitcoin into the latest rally. if the current market trend persists ETH is likely to see new highs.
At the time of writing, the queen of cryptocurrency is trading hands at the $442.48 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (18) and an even weaker selling momentum (2). The moving averages signal towards a strong buying impetus with the Exponential moving average valued at $412, whereas the oscillators continue a neutral journey with a relative strength index of 66.51.
Out of the 17 Moving Average indicators 16 are giving a buy signal while the rest stand on a sell. Similarly, out of the 11 Oscillator indicators 2 are giving a sell signal while the rest lean towards buying.
Ethereum price prediction: Where is ETH headed?
Famed cryptocurrency analyst on trading view, Vince Prince believes the cryptocurrency queen moves towards a descending channel and has set in motion the next price points to be achieved. Analyzing the cryptocurrency’s movement, the analyst confirmed a notable confirmational cluster as per the prior bullish to the upside trend.
In his Ethereum price prediction Vince Prince further pointed out noteworthy indicators detected in the structure crucial to current determinations and the cryptocurrency queen’s structure.
Explaining the chart, the top analyst highlights the upper resistance test intake of Ethereum at the $420 mark, where historically, it has rebounded to bearish levels. Advancing towards this level, the price action matches the decisive pattern here, forming a cup and handle formation. The point at which Ethereum settles the cup with an upper resistance pullback is the point leading to lower levels of testing and EMA-structure formations.
A rebound to the upside is then witnessed, bringing back bullish momentum to the Ethereum structure forming the cup handle and in turn complete the entire cup-handle composition.
The analyst further provides details on the dashes nosediving trend line, which adds to the shape of the handle. He mentions the importance of holding consistency at this point, disabling further fall to curb the possibility of invalidating the formation.
Bouncing withing this line and facilitating the handle formation, the analyst says, can lead the way to a closing breakout exceeding the upper resistance. He also predicts higher price points and amplifying bullish momentum if Ethereum continues the price action.
Price analyst AtlasTrades believes in a pullback from resistance at the $405 mark. The continuous drop in price is evident on the chart above, and the analyst is awaiting further consistency in the downward trend aiming to open a short position and take support at the $385.00 mark as the nearest target.
