- ETH continues to hold support at $1,275.
- Closest resistance around $1,450.
- Ethereum respects 100 period MA so far.
Cryptocurrency heat map by Coin360
The crypto market is bearish as of now. An exception to this is XRP, which continues to rally, ignoring any other market developments. Bitcoin still trades close to zero over the last 24 hours, indicating a calm overall day. Ethereum is slightly in the red for the last 24 hours; however, this could change at any moment.
Ethereum Price Prediction: Ethereum to move higher, test the $1,450 all-time high
Ethereum price prediction indicates that it should continue consolidating between the $1,450 horizontal support and several week ascending trendline. Until Ethereum achieves a clear break to either side, the analyst expects ETH to continue trading in an increasingly tighter range.
Target price level for Ethereums` move to the upside can be seen around $1,600, while target to the downside is located around $1,050.
Ethereum price movement in the last 24 hours
Ethereum has traded with a range of $1,274 – $1,369 with a volume of just under $31 billion during the past 24 hours. Looking at the ETH/USD 4-hour chart, a rejection for further downside was seen earlier today. Since then, Ethereum has continued to move higher slowly.
ETH/USD 4-hour chart – Ethereum trades in an increasingly tighter range
Overall, Ethereum has continued to trade in an increasingly tighter ascending triangle pattern as seen on the 4-hour chart. Yesterday, Ethereum tested the $1,275 support once again. However, the support level, together with the 100 period moving average blue line, held and reversed ETH/USD to the upside once again.
Ethereum price chart by TradingView.
As mentioned in our Weekly crypto price prediction, Ethereum should continue consolidating until the price can break either above the $1,450 horizontal support or the several week ascending trendline. Ethereum’s exact direction is yet to be decided.
If Ethereum breaks below the ascending support trendline, target to the downside can be seen at the $1,050-$1,100 area. Additional minor support is located at $1,200, which could be used as a short-term target. However, Ethereum has not shown any major bearish signs. Therefore, the market should stay bullish for now.
Currently, Ethereum is looking to move towards the $1,450 resistance. If the market can sustain its momentum, we should see this level tested by tomorrow. If Ethereum does not break the resistance, it will set another higher low along the several week ascending trend line.
Ethereum should remain relatively calm until either of these scenarios happen. However, once Ethereum breaks either support or resistance, the analyst expects a fast impulse, similarly as we can currently see with Ripple’s price.
Therefore, the analyst suggests keeping a close eye on Ethereum’s current movements. A price spike could happen soon, leaving traders with no viable position.
Ethereum Price Prediction: Conclusion
Overall, Ethereum price prediction is bullish as the market has found support at the $1,275 price mark once again. Right now, Ethereum trades slightly higher as it looks to trade above the 50 period moving average red line.
For the medium-term price prediction, we must wait for further price action development. A break either above the $1,450 resistance or below the several week ascending trend line is crucial. This break would allow Ethereum to move within a larger range once again, offering much better trade opportunities.
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.