- Ethereum price prediction turns positive as ETH/USD sails past $360
- Widening Bollinger Bands and RSI suggest further upmove to touch $380
- Sustained buying and firm bullish move can help close the day above $360 resistance
- Ethereum price prediction is now tied to DeFi recovery and broader market outloook
Ethereum price prediction – Current price overview
Ethereum has been stuck in a range for the past month as the pair struggled to move past $360 resistance. The pair was rejected at $360 resistance multiple times in the past week. The ascending trendline and widening Bollinger Bands have contributed to the pair’s rise today.
ETH/USD started Friday’s journey at $351 and gradually moved to touch a high of $368. So far, the pair have maintained today’s uptrend with firm support form the bulls. Ethereum price is flirting with the 38.2 percent Fibonacci Retracement at $367. Bulls will be looking to close the pair above $367 level to reflect their resolve to push the price higher.
On the downside, there’s decent support at $339, which has firmly supported the pair in the last few days. The pivot level at $346 has also lent a helping hand to the bulls to bounce higher easing the way for a positive Ethereum price prediction. On the daily chart timeframe, ETH/USD pair will look to sail past $380 and touch the $400 mark to attract more institutional investors to the fold.
Ethereum price movement in the past 4 hours – Consolidating gains above $360
Ethereum price has shown resilience in the hourly charts to maintain the day’s gains. The 4-hour candle looks confident above the $360 mark, and there are two candles to show that bulls can sustain the current movement.
Despite the little volatility, the prices have agreed with the technical indicators. The ‘Relative Strength Indicator’ is neutral but sports an upward bias. MACD is in neutral territory. The earlier resistance of $358 is now acting as support on the hourly charts.
In case bears enter the fray and succeed, the pivot point at $346 can give way to bring $339 into the picture. A consistent sell-off can lead to prices falling further to touch $330 levels.
ETH/USD 4-hour chart – Bulls confidently flirting with $367 resistance
The symmetrical triangle formed around the 15 and 25-day moving averages has been demolished. Today, the Ethereum price moved past the resistance with a firm bullish backing. However, if this is a bull trap, the prices will quickly side towards $313, which also coincides with September 25 lows.
The macro front is sending mixed signals for the ETH/USD pair. The DeFi flip-flop is hurting the price as traders can’t decide which way to go. DeFi realm is a huge contributor to the ETH story as gas prices have a big impact on ETH/USD pair. Today’s rise in BTC/USD is also supporting the ETH prices higher.
Ethereum price prediction – Ethereum rallies as crypto market posts recovery
There are concrete signs of strength in today’s rally past $360 making Ethereum price prediction job easier. The technical indicators are all pointing towards a more massive bullish wave on the daily charts as weeks of consolidation comes to an end.
The entire crypto market is breathing a sigh of relief. Bitcoin and altcoins have rallied to post new highs on the daily charts. ETH/USD pair has broken above the symmetrical triangle that kept it suppressed under $350 for the past few weeks. As the crypto industry absorbs positive news of institutional buying, including Square and MicroStrategy, a broader bullish wave is emerging.
If the latest optimistic Ethereum price prediction is proven correct, traders can expect to see $373 on the charts soon. A daily close above $373 can further put the next resistance at $392 in focus.
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