Ethereum price prediction: Rise to $1390 ahead, analyst

TL;DR Breakdown

• Ethereum price prediction expects a rise to $1390.
• Strong resistance lies at the $1340 mark.
• Strong support lies at the $1220 mark.

The Ethereum price prediction by Vince Prince suggests a rise towards the $1390 mark next. The crypto asset continued its huge start to 2021 as it approached the $1340 level on the 10th of January.

1-Day Ethereum price analysis

While Bitcoin has been in everyone’s good books ever since it started showing huge gains daily, Ethereum hasn’t been far behind either. Ethereum ETH has been growing as the altcoin with the largest market capitalization. While Bitcoin BTC has been suffering price fluctuations lately, the ETH price has been varying close to the $1300 level. The highest price point on the 10th of January was observed at $1352.85, whereas the cryptocurrency’s lowest price was $1240.00. At the time of writing, the leading altcoin was priced at $1308.70.

Seventeen out of twenty-eight technicals indicate a buy signal, while 6 are neutral and 5 show a sell signal. The oscillators are at a selling point, whereas the moving averages show a strong buy position for the ETHUSD trading pair.

The Bollinger bands’ midline is providing support to the ETH price as it fluctuates below the $1300 mark. If the price slides below the midline, its next short target will be the $1150 mark.

Ethereum price prediction: What to expect?

Vince Prince’s idea for the ETH price suggests a rise towards the $1390 mark, where the cryptocurrency is trading inside an ascending wedge pattern. Per the analyst, the cryptocurrency will break below this formation after testing the $1390 resistance.

The price is accumulating above the wedge’s rising support, and it is expected to bounce towards the top of the wedge, where it will test $1390. The Ethereum price prediction indicates a bearish pullback right after the crypto asset is done testing the flat resistance. A break below the wedge is expected after the price rejection. This break will cause the cryptocurrency to move below the Exponential Moving Averages acting as support, and a price drop towards $1200. A continuation of the bearish momentum would mean that the ETHUSD pair might fall to the $1000 support.

The Trading View analyst Tangerine Trader posted an Ethereum price prediction, which suggests the formation of a cup and handle pattern on the ETH charts. Per the analyst’s prediction, the price will drop towards the $800 mark next for the formation of the handle. The analyst suggested three scenarios, and they believe that ETH will either break the all-time high and move towards the $2000 to $3000 range, or it will form the cup and handle pattern and see some price continuation before rising above the all-time high.

Kyer’s analyst of the ETHUSD pair suggests a breakout of the all-time high as well, with a rise in the cryptocurrency’s price towards the $1600 mark. Per this Ethereum price prediction, the cryptocurrency is continually soaring with no signs of slowing down as of yet. The cryptocurrency has also made high hers and lows while crossing major resistances. The next target prices for this idea lie at $1358 and $1594.