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Ethereum price weak below $400, is Eth2 launch imminent?

Ethereum ETH Price
  • Ethereum price flat, slides versus USD and BTC
  • Support at $370
  • Resistance at $400 and $420
  • Eth2 launch around the corner

Ethereum price prediction: Current overview

The Ethereum price is stable and ranging in smaller time frames. 

Although traders are bullish, a break below the main support trend line towards $320 is likely despite bullish fundamentals.

At the time of writing, the Ethereum price is trading at $382, down $6 from today’s open, and close at $388. An improvement from lows of $376, bulls have support in lower time frames, forming a hammer.

In the immediate-term, bulls’ catalysts will be the performance of the Bitcoin price as Americans await the results of their democratic right. 

Additionally, market participants are closely watching developments around Eth2. Already, a key generating tool for the Beacon Chain mainnet deposit contract is live. 

There has been no comment from the Ethereum Foundation or Vitalik Buterin. The co-founder, in an earlier tweet, called for patients urging development teams not to be in a rush to announce the readiness of Eth2.

Ethereum developers often take their time, thoroughly going through details before launching. Previous instances demonstrating their patience with launch goes back to Constantinople and a series of hard forks that finally concluded the Metropolis Era.

Ethereum price movement in the last 24 hours

Ethereum Price Daily Chart for Nov 4
Ethereum Price Daily Chart by Trading View

Fundamental events may be supportive of buyers. Nonetheless, prices are in range mode at the time of writing. In the last week of trading, the Ethereum price is down six percent and trails the BTC by the same margin. However, prices are in recovery mode in smaller time frames.

From the daily chart, the path of least resistance is northwards. Still, the immediate trend is dependent on the reaction at the main support trend line and $420, or last week’s high. If prices drop below $370, the probability of the Ethereum price falling back to $320–confirming steep losses of early September 2020, will be high.

Conversely, sharp gains above $420 will fan demand and more capital. In that case—and a buy trend continuation pattern, the Ethereum price may surge towards $480.

Ethereum price movement in the last hour

Ethereum price 1-hour chart for Nov 4
Ethereum Price 1-hour Chart by Trading View

Reflecting demand in lower time frames is price action in the 1-hour chart. 

Although bears are in charge and prices are held below a multi-day main resistance trend line, buyers stand a chance if there is a high-volume break above $390 and $400. Before then, buyers must maintain momentum above $370, a support level clear in the daily chart.

Losses below this mark could, as aforementioned, spark a sell-off that may drive ETH prices back to $360 and $320 in the medium term.

On the flip side, sharp gains—preferably sparked by fundamental developments like the announcement of the deposit contract of Eth2, may build a base for a rally towards $450 and $480.

Ethereum price prediction: Conclusion

Price action is flat at the time of writing. 

A lot depends on Eth2 development and technically, the clearance of primary psychological and round numbers like $400. 

As long as the Ethereum price is trading above $370, there is a chance for further gains towards $450. 

Losses below the support trend line and $370 is enough for the second most valuable coin to tumble back to $320.

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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