- Ethereum price trading at $338
- Bears proving to be stronger than expected
- Bears aiming to test $320 support
Ethereum price prediction overview
Ethereum price did finally manage to break past the $360 rejection this week. Despite that, the rally did not turn up as anticipated. Alternatively, ethereum price surged towards $370 where it faced massive rejection which forced it to pull back. As a result, ETH/USD pair sharply declined below the $360 and $345 support levels.
The decline commenced yesterday, resulting in over 8 percent decline in the last 24 hours. Ethereum has now declined by around 3 percent over the previous seven days and almost 30 percent in the previous month.
At press time, ethereum price is trading below the $345 support after bears managed to dip it to its current price at $337 successfully.
Ethereum price 1-day chart
The ethereum price action opened the trading day at $352.14 after closing the previous day, trading at $351.49. So far, ethereum has declined sharply in favour of bears to trade at a daily low of $336.73 However, before embarking on the bear trend, ethereum managed to reach a daily high of $353.62. The current price at the time of writing is $338.42. A bearish market has characterised the last 24 hours of ethereum trading.
Ethereum price YTD chart
The ETH/USD trading pair has had a good year so far before commencing the final quarter of the year on a low. Since the March cryptocurrency market crash, ethereum price action embarked on a bullish run to hit a new yearly high of about $488. From a broader point of view, the bulls look to be in control of the price action despite the current bear market.
Ethereum price prediction
In the meantime, the trendline appears to be in support of bears who seem determined to send ETH price towards $320. After failing to defend the support at the 50 SMA, which is near the $350 price level, bears took control of the trendline, and the next crucial support lies at $330, from where the price of ethereum might drop to $320 if the bears remain strong.
Additionally, ethereum price is currently trading beneath a declining trendline, which appears to be shaping up in the form of a triangle. Typically, a descending triangle indicates that the price will continue declining.
Falling below the $320 support line would send the price of the second largest cryptocurrency towards $300 or even further to the $280 price level. With the price of ethereum declining, it now has the third-highest average daily volatility out of the top 10 cryptos by market cap. The figure is currently at 5.4 percent, almost two folds that of bitcoin.
Similar to the majority of other altcoins in the market, ETH also saw its value drop against BTC in the last couple of weeks. Ethereum has lost 1.6 percent of its value against bitcoin over the previous week, and 16.1 percent over the previous month. However, the ethereum price is over 50 percent up against bitcoin during the previous 12 months. Notably, most of the cryptocurrencies in the market are trading in a bear market, but ethereum seems to be performing worst than the majority.