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Ethereum price range-bound above $320 before Zinken testnet

ETH Ethereum Price
  • The Ethereum price support and resistance at $320 and $400
  • Reliable ETH/USD support is at $320
  • Zinken testnet launched after Spadina flopped

 

Ethereum price prediction: Current price overview

The Ethereum price is fluctuating, bouncing between intra-day support and resistance levels as buyers try to shrug off sell pressure. 

The opening price was $345 as per Coinbase statistics. However, the path of least resistance in the last couple of hours remains bearish. 

Trading at around $345, the Ethereum price is within a tight $6 with lows of $343 and highs of $349. Bulls and bears are squaring off for control.

Even so, the immediate trajectory heavily favors bears. Regardless, from a top-down approach, bulls have the advantage. This could be advised from fundamental factors and traders’ optimism that prices will snap back to the primary trend ahead of Eth2. 

In the last 72 hours or so, Ethereum core developers announced another test network for the Beacon Chain mainnet after Spadina failed to take off. The Zinken test network is another go and will seek to iron out issues encountered in Spadina. 

Notably, Danny Ryan—a core developer of the Ethereum Foundation, wants validators to easily configure their nodes. Set for Oct 8, the Zinken testnet will be open for ETH depositing before Genesis begins four days later on Oct 12.

Ethereum price movement in the last 24 hours

Ethereum price range-bound above $320 before Zinken testnet 1
Ethereum Daily Price Chart by Trading View

Aforementioned, the Ethereum price is moving within a tight trading range. With clear caps at $370 and $400, bears are in the driving seat—at least for now. 

However, the trend could shift if there is a sharp spike above the resistance trend line and $380 accompanied by high participation. 

In the immediate term, $320 is a reliable support level. For the bull trend continuation, buyers must find support at this level. If not, the odds of prices falling back to $250 will be highly likely. 

As it is, bulls are pinning their hopes on the Sep 23 and 24 double bar bull reversal pattern. Although it is with low trading volumes, subsequent bars confirmed bulls. 

The failure of sellers to wipe out bulls attempt and confirm sellers of Sep 21 to 23 and those of Sep 5 is a shot in the arm for bulls.

A close above $380 and $400 (for risk-averse traders) will unwind steep losses of Sep 5 and maybe a springing board for $480 or perhaps new 2020 highs.

Ethereum price movement in the last hour

Ethereum price range-bound above $320 before Zinken testnet 2
Ethereum 1-Hour Price Chart by Trading View

The ETH/USD price is bearish, reflecting strong liquidations in higher time frames. Even though traders are optimistic, bulls appear exhausted and unresponsive. 

Because of strong sellers in the past 48 strong, the recovery to the 38.2 percent Fibonacci retracement level of the recent high low, and a subsequent stalling hint of bears—who have the upper hand. 

Noticeably, not only did bulls find resistance at the 50 percent Fibonacci retracement level but higher prices were markedly rejected at these key levels as trading volumes show. 

Bulls’ fortune will only change if prices rise past $370—a resistance level.

Ethereum price prediction: Conclusion

Price action remains uneventful and tepid. 

Still, bulls have some degree of control. It remains to be seen whether the current consolidation will be a distribution or an accumulation. 

Losses below $320 will give control back to sellers and maybe a bloodbath because of DeFi. Conversely, gains above $370 and $400 will assuage fears and be a foundation for new 2020 highs.

Dalmas Ngetich

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies. Enjoying the opportunity to help educate bitcoin enthusiasts, he writes insights and coin price chart analysis.

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