- Ethereum price prediction is in a predicament as price oscillates in a tight range
- Technical indicators show that ETH is setting up for a significant move higher
- ETH/USD price is being squeezed in Bollinger Bands as volume contracts
Ethereum price prediction – Bull run to mark the end of the consolidation phase
Ethereum price is struggling to break out of the current tight range between $621 and $570. The pair is being squeezed in the ever-tightening Bollinger Bands that are ready to give way any time. Technically, contracting Bollinger Bands signifies that the price is ready to break out of the range and move either way.
Today, ETH/USD delivered a minor 1.1 percent hike as the coin is trading near the upper Bollinger Band. The symmetrical triangle formation is giving a bearish signal but only on the smaller timeframe hourly charts. The price action movement near the upper end of the ascending price channel shows that the pair is ready to make a move higher and turn Ethereum price prediction bullish.
In comparison with Bitcoin, Ethereum is moving within a tight range near the apex of the bearish triangle. If it breaks above, the price will enter the bullish Ethereum price prediction zone.
Ethereum price movement in the last 24 hours – Ready for the breakthrough
The consolidation in the ETH/USD chart will be over soon if the price breaks upwards from the Bollinger Bands. The price has support at $580 and then again at $560. Furthermore, Ethereum price prediction mentions resistance at $600 and then at $620. If the ETH/USD pair gets volume support, it will surely go past $600 and close the day above $605.
In the past week, Ethereum went above $600 to touch a $624 high. However, the pair did not break past the upper Bollinger Band and returned to trade within the range in the process. Since then, the price has not been able to break the $595 resistance. Bollinger Bands are contracting and are now within a tight 30-point range. The .236 Fibonacci support at $560, and buyers have been able to rebound from this support level multiple times in the past week.
ETH/USD 4-hour chart – Price on the verge of a breakout
Yesterday, the price moved near the upper end of the symmetrical triangle only to meet more resistance. The price was rejected from $624 high. Since then, the 4-hour chart has been oscillating between the $610 to $570 range. Currently, the price is trading in the middle of Bollinger Bands, which are already contracting rapidly.
As Ethereum price prediction turns bullish, the consolidation will be marked by a breakout above the $600 threshold. The bulls must penetrate the upper Bollinger Band and the upper channel of the ascending price channel. The first resistance at $620 must be breached with heavy volume to target $650 next. The bearish Fibonacci retracement of .786 lies at $675.
On the other side, the pair can gravitate lower if the lower Bollinger Band gives way. The ETH/USD chart shows there is ample support at $580. Next, the Ethereum price prediction shows further support at .236 Fibonacci retracement at $560. Finally, the pair will get massive support at $525. The 4-hour Stochastic RSI is likely to create a bearish crossover aligned with the upper boundary of the asymmetrical triangle.
Then there’s ETH/BTC pair with prominent support at 0.0305 BTC and then at 0.03 BTC. The ascending channel’s apex is close to the current price, and the pair is at the breakout point. The broader market support will help the pair move past the 0.0337 BTC resistance point.
Ethereum price prediction conclusion – Next breakout is just around the corner
A breakout is expected very soon as the price is trading very close to the channels’ apex. Recent history has shown that consolidation has ended in bull runs. Both BTC and ETH have turned the consolidation period into the accumulation phase, which the bulls have used to propel the pair higher.
With hourly RSI at 45 a MACD in neutral territory, the pair has much room to run both ways. In case the pair closes the day above $600, the chances of a renewed bull run are high. The tight range trading will likely end up higher after crossing $620 resistance on the daily timeframe.
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