- Ethereum finds strong support at the $380 mark.
- Ethereum price fluctuating between $390 and $380.
- Market volatility confirmed on Bollingers Band a contributing factor.
- Analyst expect a breakthrough soon.
Ethereum price observed a short-lived increase in price just as the calendar turned towards the 18th of September. Atlas Trades from Trading View is of the opinion that the ETH price will first move sideways and then test the $408 resistance. Ethereum continues to be under the influence of Bitcoin price movement, unable to break free.
1-Day Ethereum price analysis
The ETH price was recorded at $382.09 US Dollars at the time of writing on Bitstamp. The price rose to a day’s high of $394.22. While, the 24-hours low was found at the $375 mark.
Ethereum to break past $394 or fall to $350?
The Trading View analyst Sadovoy Trade is of the opinion that the ETHUSD pair will have to break above the $394 resistance soon or it will drop to lower support levels.
In their analysis, the analyst highlighted the important support levels at $351.83, $307.08, $282.83, and $252.00. The cryptocurrency has been testing the $394 resistance level for the past week. The analyst believes that the cryptocurrency has to breakthrough this key resistance level if it continues to rise on its charts, otherwise the price line will tire out into a bearish trend towards the lower support levels.
Will the ETH price test $408?
Another Trading View analyst Atlas Trades believes that the ETH price will rise towards the $408 resistance soon. The nearest support level lies at $357 per the analysis.
The ETHUSD trading pair has been traversing above the $357.43 support level from the 10th of September. The cryptocurrency is yet to test the resistance at $408. Per the analyst, the ETH price is expected to move towards the $408 resistance after observing a few sideways movements on the 1-hour chart. The sideways movements may cause the price to return below the $380 mark after a brief rise above the $390 level.
This pullback will be followed by a bullish momentum for Ethereum, which is expected to allow the cryptocurrency’s price to rise towards the $408 level.
What’s next for ETH?
The Trading View analyst Mudrex is of the opinion that the ETHUSD trading pair will move sideways up next. The analyst drew the technical analysis on the 4-hour chart for the pair.
Per the chart, the ETH price line has been trading inside the Bollinger Bands while it got rejected by the upper Bollinger Band while observing higher highs. This pattern on the technical indicator means that the cryptocurrency is depicting an upcoming decline while it is also being supported from the midline for consolidation.
A buying pressure was observed as the trade volume has been increasing and decreasing with the cryptocurrency’s price. The Moving Average Convergence Divergence (MACD) technical indicator is moving above the signal line while the histogram size is decreasing in the positive direction of the scale. These movements not the MACD indicator depict a bullish bias for the ETHUSD trading pair.
The Relative Strength Index (RSI) stands above 60.00. This technical indicator has been neutral for a while, showing no oversold or overbought instances on the 4-hour chart. The cryptocurrency is expected to move sideways up ahead.
Ethereum price technical indicators
The Bollinger Bands observed expansion near the start of the 18th of September. At the time, the ETH price showed increased volatility. The RSI fell to a low of 14.83 on the 1-hour chart, which means that the cryptocurrency was oversold at the time.
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