Ethereum price prediction: Coin set to reach $388, analyst

Description

Ethereum price prediction expects $338. Ethereum rising after extreme instability. Strong support rises to $370. A gradually ascending graph can be observed on the chart for the 17th and the 18th of October. The Ethereum price prediction by Atlas Trades depicts a rise towards the $388 mark for the cryptocurrency. Contents hide 1 1-Day Ethereum … Read more

  • Ethereum price prediction expects $338.
  • Ethereum rising after extreme instability.
  • Strong support rises to $370.

A gradually ascending graph can be observed on the chart for the 17th and the 18th of October. The Ethereum price prediction by Atlas Trades depicts a rise towards the $388 mark for the cryptocurrency.

1-Day Ethereum price analysis

At the day’s highest, ETH was priced at $377.86. The cryptocurrency trades at $375.68 at the time of writing.

Ethereum price prediction: Move to $388 ahead?

Atlas Trades marked a breakout on the ETH charts. The price recently escaped above a descending channel. An upward breakout is usually a bullish indicator.

The altcoin entered the $364 to $388 range on the 10th of October, and the price moved upwards to test the $388 resistance, after which it entered the falling channel which made it reach the bottom of the range. There is a possibility that Ethereum opens a long position for the nearest target near the horizontal resistance. The take profit for this trade is marked at $388.

What to expect from ETH?

Two major channels seem to be building upon the hourly chart for Ethereum. These channels were highlighted by Vince Prince, who believes that Ethereum’s breakout above these channels will take the altcoin towards the $387.5 mark.

The price is expected to test the 100-Day Exponential Moving Average which is currently supporting the trajectory after it reenters the falling channel. If the price falls below the 100-EMA, the cryptocurrency’s bullish momentum will be invalidated and the cryptocurrency will turn bearish. However, a bounce above the technical indicator will allow the crypto to retest the falling channel’s boundary and move above it to trend towards the take profit at $387.50. A breakdown of the falling channel is expected to occur soon.

Bullish momentum ahead for the ETHUSD pair?

Ethereum appears to be supported by the midline of the Bollinger Bands, and the analyst Anton Karppinen is of the opinion that the price will break towards the $482 mark soon.

The 20-Day Moving Average has turned into support from being a resistance, while it has also crossed above the 200-Day Moving Average. This cross is a bullish signal for the cryptocurrency. The technical indicators are expected to expand soon. The Bollinger Bands have also depicted decreased expansion, which means the price volatility is low along with the trade volume.

Ethereum looks to stabilize above $400

While the 50-Day Moving Average is acting as a support for the ETHUSD pair, the price has formed an ascending triangle that is expected to break soon.

The analyst believes that the cryptocurrency will soon hit the key resistance between the $395 and $400 levels. In order for the cryptocurrency to see a continuation in its uptrend, the price will have to break above the triangle and then the $400 mark. Such breakouts will allow ETH to gain stability over the $400 price region.

Disclaimer: The information provided is not a trading advice. newcoint.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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