- Ethereum continues to retest $380 to break past towards $400.
- Ethereum price varies likley to break past towards $450.
- ABC wave pattern completion would lift the price higher.
The Ethereum price line varied near $380 on the 18th of September. The Trading View analyst Shin Forex is of the opinion that the ETHUSD trading pair will rise towards the $450 resistance as the cryptocurrency has recently broken above an important resistance structure.
1-Day Ethereum price analysis
Ethereum traded at $385.00 US Dollars at the time of writing on Bitstamp. The cryptocurrency’s price trajectory stooped to the day’s low of $375.51 near 18:00 GMT on the 18th of September. ETH price was recorded at a high of $392.47 US Dollars at 00:08 GMT.
What to expect from Ethereum?
Currently, Ethereum trades between two accumulation channels in a form of an ascending parallel channel. The analyst believes that the ETH price is more likely to move towards the lower boundary of the channel near the $370 mark.
Per the analyst, the price will complete an ABC wave. The wave is expected to end towards the lower boundary of the ascending parallel channel, near the $370 level. The analyst believes that the cryptocurrency should either breakout above the below this huge ascending channel, while the chances for it to break towards the downside seem to be greater.
After the completion of the ABC wave, the cryptocurrency’s price is expected to bounce above the lower boundary of the trading channel and rise towards the upper boundary. In this case, the price will test the upper resistance and it may break above it. Per the second scenario, the ETH price may break below the channel right after completing the ABC wave. For now, the cryptocurrency is required to stabilize and show increased bullishness if it is to test the stronger resistance.
What’s next for the ETH price?
The Trading View analyst Shin Forex believes that the ETH price will rise towards the $800 level next. The analyst highlighted an important resistance structure on the 1-week chart for the ETHUSD trading pair.
The analyst believes that the cryptocurrency currently hangs above the Exponential Moving Average, after it recently broke above an important resistance structure near $360. This means that the ETH price line is expected to show upward continuation. If the price confirms a breakout here, the cryptocurrency is expected to rise towards the next resistance structure near the $800 level.
Ethereum previously tested the $800 mark in May 2018, after which it began the downtrend towards the $200 mark. Per the analyst, the next target price for this trade lies at $800, after the $450 mark.
Will Ethereum fall to $250?
The Trading View analyst dBFT is of the opinion that the ETHUSD trading pair will now fall towards the $265 level next.
The analyst highlighted an ABC wave pattern for the trading pair. The cryptocurrency’s price is expected to fall to a strong support structure between the $235 and $265 levels. Per the analysis, after completing the third downside leg, the price line will test the $250 support-turned-resistance level.
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