Ethereum price prediction: ETH retraces to $388 before rising

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Ethereum price prediction is strong for a re-rise. Ethereum lost support for $400. Current support is found at $380. Ethereum price lost strong support for $400 and above in the past 24-hours, and the queen of cryptocurrency is now hovering in the $380 to $390 range. In the past 12-hours, Ethereum price hit the $380 … Read more

  • Ethereum price prediction is strong for a re-rise.
  • Ethereum lost support for $400.
  • Current support is found at $380.

Ethereum price lost strong support for $400 and above in the past 24-hours, and the queen of cryptocurrency is now hovering in the $380 to $390 range. In the past 12-hours, Ethereum price hit the $380 mark and is now finally stabilizing near $390.

At the time of writing, the queen of cryptocurrency is trading hands at the $388.64 mark. While on the other hand, trading view technical signals show strong buying momentum while occasionally towards simple buying.

Ethereum price prediction: Where is ETH headed?

Famed cryptocurrency analyst on trading view, Vince Prince believes that the queen of cryptocurrency has been moving in an ascending channel for quite a long, and it tested the lower boundaries of the channel more than once. The zig-zag pattern constant pullbacks create are mounting bearish pressure on the queen, and if the cryptocurrency continues the same pressure, a further bearish retrace would be very likely.

In his Ethereum price prediction, Prince continues that this pullback can be the final origin for confirmation to the downside and the ascending-channel forming into a confirmed bear-flag.

Ethereum price prediction chart by Vince Prince

Prince furthers that the current bearish retrace is very normal, as the Ethereum price pattern suggests. However, the analyst finds a strong resistance pressure mounting into a bearish momentum likely to take the price as low as the $360 mark. Simultaneously, the strongest support line is present just a little below the $320 mark. If the ETH price manages to move above the strong resistance line and pick a bullish momentum, there is some chance for reconciliation towards a bullish momentum above $400.

Prince however believes that the queen of cryptocurrency is going to have a hard time breaking past this resistance line and a further pullback is more likely than not.

Another analyst, Tangerine Trader, supports Prince’s analysis but finds the price support much lower than $320. He explains that where $305 is the strongest support, the $370 level would be critical resistance. If the queen manages to get pas the current resistance cluster and back into the ascending channel, all would be well.

Finally, Zaks Forex Signals believes that the $384 mark serves as the strongest support at the momentum, and the queen is likely to bounce off this baseline towards $400. For the time being, this seems to be the likely outcome; however, sway in the Bitcoin price can move the market and cause deviation from the current channels. Cautious trading is advised as always to ensure the best daily trading yields.

Disclaimer: The information provided is not 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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