- The Ethereum price is bullish
- Immediate resistance is at $380 and $400
- The support level is at $355
- Hester Pierce of the SEC thinks DeFi governance tokens are securities
Ethereum price prediction: Current overview
After weeks of accumulation, the Ethereum price is firmly on an uptrend.
After opening at $374, the current price is trading at $372 and is marginally low from its intra-day highs of $375. Current lows stand at $370.
It appears as if bulls are positioning themselves for a possible rally in smaller time frames.
In the last week of trading, the Ethereum price continues to outperform the USD, adding an impressive five percent and paring losses against BTC.
Fanning demand could be various supportive fundamentals, most of which anchors of the network’s increasing utility. Relative to other smart contracting platforms, Ethereum is the most dominant. All this could be thanks to the great ICO-pumps of late 2017 and the level of developers keen on launching Solidity dApps. Competing networks may be programming agnostic, enabling the launch of all forms of dApps in any language. Nonetheless, Ethereum’s demand continues to rise.
The only scare in the medium term may be from Hester Pierce, one of the four commissioners of the U.S SEC. In a recent summit, she said some of the network’s DeFi governance tokens could be securities. She urges creators to “talk to the regulator” and discuss how they plan on distributing the token.
Aside from this, the price is stable, swinging from bearish to bullish judging from candlestick arrangements in the daily and 1-Hour chart.
Ethereum price movement in the last 24 hours
Bulls are in control. Aforementioned, the Ethereum price is up against the greenback and is back to break-even versus the BTC.
From the daily chart, bulls are pressing higher. The breakout from the $40 belt and the bull flag was with decent trading volumes.
Notably, Ethereum price is finding support at historically important Fibonacci retracement levels.
However, the price trend would be clearer prices breach $400 or the 38.2 percent Fibonacci retracement level as bars band along the upper BB.
Preferably, the breakout should be with even higher trading volumes exceeding those of Sep 5. If that’s the case, the odds of ETH prices surging back and retesting $480 will be high.
Ethereum price movement in the last hour
The Ethereum price is consolidating in the 1-Hour chart.
Although the trend is bullish and firm, the series of lower lows inside a descending triangle (the bull flag) technically provides an accumulating opportunity for traders.
However, for risk-averse traders, a conclusive break above Oct 10 highs of $380 could see the ETH prices rip higher towards $400.
Conversely, a breach below the support trend line and $370 may see ETH prices drop to $355, a previous resistance level now support.
Ethereum price prediction: conclusion
Candlestick arrangement seems to point out the path of least resistance: Northwards. Still, this is subject to whether bulls will break above $380 and later $400.
Triggering this breakout will be strong fundamentals in DeFi.
Also, whether the sub-sector continues to flourish with supportive legislation goes a long way.