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Ethereum’s market sentiments appear to be lagging behind Bitcoin. The Ethereum price prediction by Trading View analysts suggests that the coin will soon move towards the $400 mark. The cryptocurrency king seems to be leading the altcoin in short green moves towards the upside.
1-Day Ethereum price analysis
The ETH price broke out of a symmetrical triangle on the 8th of October. The coin has observed a bullish momentum ever since the upward breakout. During the time of writing, the cryptocurrency was priced at $374.49.
Ethereum looks to squeeze into a breakout
Trade Station from Trading View has said that Ethereum may be squeezing for an upward breakout. The leading cryptos Bitcoin BTC and Ethereum look positive right now with their technical indicators.
The Bollinger Bands depict a decrease of up to 12 percent in the cryptocurrency’s price volatility. Currently, Ethereum is running under a tight volatility range since July. The ETHUSD pair appears to be trapped inside a triangle pattern. The 100-Day Moving Average has supported the both Bitcoin and Ethereum while the Moving Average Convergence Divergence (MACD) lines have turned positive on the charts. All of this indicates that the cryptocurrencies are gradually moving towards a breakout. However, the analyst stated that it is still not confirmed whether the upward breakout will take place or not.
Ethereum price prediction: A gradual move to $400?
Another analyst talked about Ether’s lagging trend. The currency has still not resonated with Bitcoin’s market. The idea is for Ethereum to follow each of Bitcoin’s small moves on the charts, so that the coins can march ahead to higher targets.
Currently, Ethereum is expected to make an upward move rather than falling below $320 and forming a descending triangle. However, the ascending move depends on the Bitcoin-Ethereum resonance and how the altcoin follows the small green moves made by the cryptocurrency king. The two targets lie under and above the $400 mark. The Trading View analyst Rule believes that Bitcoin needs to hold itself until ETH can see an uptrend towards the first target marked towards the upside on this chart.
The ETH price to hit $395 next?
A breakout from a symmetrical triangle has drawn up a bullish sentiment for the Ethereum market. On the H4 timeframe, the coin is expected to go bullish and hit the $394 mark.
The stop-loss was placed short of the $350 level. The analyst stated that the bullish sentiments for the coin market appear to be led by Ethereum, similar to how it would be with Bitcoin. The symmetric triangle formed by the leading altcoin was broken on the 8th of October, after which the cryptocurrency caught a bullish momentum.
On the 10th of October, ETH price appears to be resting near the $375 mark. The chart depicts an upcoming pullback towards the resistance-turned-support zone near the $360 level. If the idea comes into play, the price will bounce off this support and move towards the $394.95 target price.
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