logo

Ethereum price recovers, bull triggers lie above $420

Ethereum ETH
  • The Ethereum price recovers, gains versus the USD
  • Resistance at $420
  • Support at $380
  • Ethereum may process over $1 trillion of value in 2020

Ethereum price prediction: Current overview

Ethereum bulls have the upper hand.

At the time of writing, the Ethereum price was changing hands at $404. It is on par with today’s open at $404 and a small contraction from the $409 high. 

Going forward, it will remain to be seen whether buyers will be successful in maintaining prices above today’s lows of $403 and crucially, $390 of Oct 27.

Success might be the building blocks for further price gains above last week’s highs and towards $480. As it is, this might be a long shot. 

The $488 and $500 liquidation zone might appear insurmountable, a huge obstacle for determined buyers. Nonetheless, price triggers are influenced by underlying fundamentals.

According to Messari, the Ethereum network is on the course of processing over $1 trillion transactions in value in 2020. 

It will be a massive achievement, trouncing Bitcoin, despite the platform launching close to half-a-decade after Satoshi Nakamoto proved a concept.

Besides, there appears to a renewal in DeFi interest. The total value of assets under management by different DeFi protocols in Ethereum continues to expand above $11.2 billion. 

Interestingly, this is despite the shock following the Harvest Finance exploit and the team’s effort to institute reputational damage control.

Ethereum price movement in the last 24 hours

Ethereum Price Daily Chart by Trading View
Ethereum Price Daily Chart by Trading View

The Ethereum price is flat to bullish judging from price action in the daily chart.

Candlestick arrangement points to buys following yesterday’s bounce from the support trend line and the injection of demand. Not only did prices recover but there was an uptick in trading volumes.

Still, the medium-term price trajectory depends on whether last week’s highs of around $420 will hold. A break above this level will be a foundation, anchoring bulls for a moon-shot towards Aug 2020 highs.

On the flip side, bears will snap back, command control if the support trend line doesn’t hold as ETH prices crater from spot levels. Ideally, and as aforementioned, buyers will have an upper hand above $420. 

However, the breakout should be strong with high participation preferably exceeding trading volumes of Oct 21 (data from Coinbase).

Ethereum price movement in the last hour

Ethereum Price 1-Hour Chart by Trading View
Ethereum Price 1-Hour Chart by Trading View

Reflecting demand in the daily chart, the Ethereum price is confined within an ascending triangle with caps at around $420 and $380, respectively.

If there is a confirmation of the three-bar bullish reversal pattern of Oct 27 and prices snap above $420, breaking out from the triangle, odds of the ETH prices soaring to $480 will be elevated. 

Conversely, the support trend line in the daily chart stands to be broken if ETH prices disintegrate below $380 and the minor support trend line in the 1-hour chart.

Ethereum price prediction: Conclusion

Market participants are indecisive at spot levels. 

Although the Ethereum community is upbeat; price action leads and is the primary determinant of FOMO in Q4 2020. 

A close above $420 may lead to a spike towards $500 by the year’s close. 

Dennis Mugambi

Dennis Mugambi

Dennis is a content writer with a deep understanding of the blockchain domain and cryptocurrency field. He infuses cold data with flair to make technology and finances mind-blowing. His reports both fascinate and awaken the readers.

Related News

Hot Stories

Blockchain industry has over 81 Million active users, reports show
Explained: 2 Important Ethereum priorities after The Merge
Kitsumon launches NFT land sale in partnership with top NFT and Gaming platforms
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
Dogecoin price analysis: DOGE peaks at $0.063, quickly tests $0.06  

Follow Us

Industry News

What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022