- Ethereum price prediction is strong for a re-rise.
- Ethereum steady in the $460 range.
- Strong resistance support continues at $435.
Ethereum price has been steadily moving upwards and above in the past 24-hours, and the queen of cryptocurrency is consistent on the $460 high. In the past 12-hours, if the current market trend persists ETH is likely to see new highs and possible gains of 16 percent. Bitcoin price also expects a retest towards the $16000 high while the queen mostly follows the king.
At the time of writing, the queen of cryptocurrency is trading hands at the $435.32 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (19) and an even weaker selling momentum (3).
The moving averages signal towards a strong buying impetus of 16 with the Exponential moving average valued at $435.26 inclined towards buying while the oscillators continue a neutral journey of 5 with a relative strength index of 73.17 inclined towards selling.
Out of the 17 moving Average indicators, 16 are giving a buy signal while the rest stand on neutral. Likewise, out of the 11 Oscillator indicators, 3 are giving a sell signal while the rest lean towards buying.
Ethereum price prediction: What to expect?
In his Ethereum price prediction Trading Guru take us through the three phases the cryptocurrency queen is experiencing right now and details on the long position that upon entry, guarantees a 16 percent gain.
The first phase Ethereum (ETH) witness is the strong correlation wherein a riveting behavior is witnessed comparing Ethereum and Bitcoin (BTC) trends. Both cryptocurrencies are moving in an identical trend, almost directly proportional to each other. Price upthrusts move in the same fashion; once BTC price experiences a rise, similar effects are seen on the cryptocurrency queen charts. The amount varies; however, the directional trend is identical at all times.
The second phase depicts a strong divergence and stark difference from phase one. Strong price divisions can be seen as per the markings on the chart. On a small-scale time-frame, akin trends of cliffs and peaks are seen but in general, the price is moving in a contrasting fashion almost inversely proportional. Bitcoin has shown a rise of 10 percent, while Ethereum has witnessed a downtrend of the same value.
Phase 3 constitutes of Convergence in the direction. An often-spotted situation in the crypto markets is retrieving assets from the lower crypto niches (including ETH) and injecting the same in the crypto king once it starts a rapid uptrend. Once the price gush diminishes, BTC supremacy starts to loosen, and altcoins witness a surge and begin their reign.
The analyst confirms this is the exact point where ETH stands as of now wherein a bullish trend within ETH charts is clearly visible; it the point at which BTC consolidates with increasing value of alternate coins (altcoins). Trading-Guru concludes with the prediction of 16% gains for Ethereum as its price intersects with BTC.
Top trading view analyst Solldy explains in his Ethereum price prediction that a strong resistance on the ETH chart once the price cut through the level heading upwards. The analyst predicts a descending trend considering it a continuation of the form originated in May 2020 charts. A strong resistance line owing to the rising price is expected, after which the price is expected to smoothly drift downwards towards the support and level point.