Ethereum price prediction: ETH to $1600 in long, analyst

TL;DR Breakdown

• Ethereum price prediction expects a rise to $1600 in long movement.
• Strong resistance currently lies at the $1280 mark.
• Strong support currently lies at the $1200.

The Ethereum price prediction by Gdesantis shows that the cryptocurrency will rise towards the $1600 mark in the long term after the cryptocurrency forms an upward breakout following the diamond formation. On the 17th of January, the cryptocurrency came to a rest near the $1220 to $1240 range after suffering from price fluctuation above the $1260 mark.

1-Day Ethereum price analysis

Bitcoin suffered from price fluctuations and corrections with a fall towards the $35000 mark on the 17th of January, while the leading altcoin Ethereum ETH trades close to the $1220 level. At the time of writing, the cryptocurrency stands at $1225.80. The coin has seen some major strives over the past few weeks. Over the 24-hour chart, the cryptocurrency managed a high of $1291.31, while hitting a low of $1203.47.

The technicals for the ETHUSD pair show that seventeen out of twenty-eight of these indicate a buy signal. Out of the 11 oscillators eight stand neutral, while two indicate a buy signal and one shows a sell signal. Out of the moving averages, we see 15 in favor of a buy position while one stands neutral and one is at a selling point.

The ETH price reflected off the upper Bollinger band after testing it on the 4h time frame, and the price seems bearish as of now as it gets support by the midline. If the coin slips below the midline here, the next target for the cryptocurrency would lie at the $1110 level in the short time frame.

Ethereum price predictions: What to expect?

Trading View analyst Gdesantis drew up a diamond pattern in their Ethereum price prediction. The analyst expects the cryptocurrency to rise across the $1600 level after the bullish momentum kicks in, within the next few days.

The diamond pattern highlighted by the analyst has an upward breakout direction, whilst the 20-Day smooth moving averages (SMMA) and exponential moving averages (EMA) form slope below the diamond formation. Per the Ethereum price prediction, The target price for this setup lies at the $1657.10 mark. The highs and the lows of the diamond lie at a difference of about $441. Per the analyst, the 20-Day EMA provided enough support for the cryptocurrency to see a bull run and complete the diamond pattern.

Vince Prince drew up a neckline for the ETH/USD pair, and they expect the cryptocurrency to form a head and shoulders (H&S) pattern following a bullish or a bearish breakout. The Ethereum price prediction favors a bearish breakout more than the bullish momentum due to the formation of the H&S pattern. The cryptocurrency observed strong resistance near the $1200 to $1240 range, which is what it seems to be testing right now.

Analyst Atlas Trades believes that the cryptocurrency will soon test the $1350 resistance after breaking above the midline found at the $1250 mark. However, the cryptocurrency has repeatedly tested the $1250 level for quite some time now, facing heavy resistance at the same point. Once the price confirms a breakout above this level, the next target will lie at $1350 per the Ethereum price prediction.