- Ethereum price prediction expects a likely retest to $400 range.
- ETH price lost the $400 strong support with Bitcoin dip.
- ETH currently moving in $380 range.
On the 1st of November, the price gradually moved across the $396 mark. The Ethereum price prediction by Solldy suggests a rise towards the $4008 mark soon.
1-Day Ethereum price analysis
At the time of writing, the ETH price was observed at $383.35. The cryptocurrency rose towards the $404 mark at the start of the 2nd of November.
Ethereum tests $404, returns to the triangle
The chart below shows that the altcoin has been trading inside a falling triangle from the 22nd of October. Vince Prince expected the price to trend towards the pattern’s support level before breaking towards the upside.
The Fibonacci resistance is where the target was laid for this trade, which is observed at the $403.78 mark on the chart above. The price had tested the triangle’s resistance on the 1st of November, after which it broke upwards and tested the $404 mark.
The idea had come into play on the 1st of November, but the cryptocurrency has seen a bearish divergence on the 2nd of November, and the price returned inside the triangle. The stop-loss for this setup was marked at $363.83.
Ethereum to see an uptrend next?
Mudrex expects ETH to see an uptrend on the chart. The analyst provided a technical analysis of the cryptocurrency using multiple indicators on the 4h time frame.
The price was seen riding the upper Bollinger band, which means that the Bollinger band was going to expand further to see more price volatility ahead. The ETHUSD trade volume saw an increase with multiple blue candles, which shows that the buying pressure is increasing for the pair as the price increases.
The Moving Average Convergence Divergence (MACD) line and the signal line were observed trending upwards, while the histogram size was increasing in the positive region. The MACD line was also moving above the signal line. This means that the pair had more of a bullish bias at the time.
The Relative Strength Index (RSI) closed around 64.00, while it indicated an ascension. However, the technical indicator is still in the neutral region, which depicts no oversold or overbought instances for the altcoin. The Commodity Channel Index (CCI) closed at 194.00, which is the overbought region. The CCI indicator also observed a downtrend. However, on the 2nd of November, the cryptocurrency market has seen a decline during an uptrend.
Ethereum price prediction: What to expect?
Solldy’s price prediction for Ethereum has shown that the cryptocurrency will trend towards the falling resistance marked in red on the chart. The price had previously tested this resistance at the start of September.
The coin has been trending along a huge ascending trendline, which appears to have formed a triangle pattern when paired with the strong resistance line at the top. The cryptocurrency is expected to test the horizontal resistance at $408.56 before moving towards the falling resistance. The analyst also believes that ETH does not possess a momentum strong enough to break past the falling resistance, which is why the cryptocurrency will see a rejection and return to the ascending trendline.
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