Ethereum price prediction: ETH struggling for $1400, analyst

Description

TL;DR Breakdown Ethereum price prediction expects a rise to $1400. Ethereum needs to sustain crucial support found at $1050. Strong resistance currently lies at the $1230 mark. Strong support currently lies at the $1180 mark. The queen of cryptocurrencies is following suit along with the king, and price action seems to have been overtaken by … Read more

TL;DR Breakdown

  • Ethereum price prediction expects a rise to $1400.
  • Ethereum needs to sustain crucial support found at $1050.
  • Strong resistance currently lies at the $1230 mark.
  • Strong support currently lies at the $1180 mark.

The queen of cryptocurrencies is following suit along with the king, and price action seems to have been overtaken by bearish pressures. The queen’s daily price movements were rocky, while the Ethereum price predictions don’t offer much clarity.

The 24-hour high for Ethereum was recorded at $1,268, while the 24-hour low was recorded at $1,169. At the time of writing, Ethereum is priced at $1,193. The cryptocurrency’s price saw a decrease of 2.96 percent while the market capitalization amounts to $136.725 Billion, and the traded volume amounts to $29.258 Billion.

Out of the 28 technical indicators for Ethereum, 15 stand at the buy position, while nine are neutral and four are at the sell position. Eight of the total oscillators are neutral, with one sell and two buy indications. Out of the 17 moving averages, 13 are at a buy position with only one neutral indication and three sell indications. The market sentiment appears to continue to be bullish for Ethereum.

Ethereum price prediction: What to expect?

Analyst Vince Prince has identified the cryptocurrency operating on a steep upward trend line in his Ethereum price prediction. Per the analyst, Ethereum has also developed a triangle on the upward trend line. A break out from the triangle formation will confirm the future bullish or bearish divergence of the cryptocurrency.

The analyst furthers that Ethereum is operating in a coherent wave count inside the triangle, having completed wave A and B successfully. At wave C, Ethereum will reach a decisive zone.

A downwards break out from the trend line at wave C will invalidate all bullish momentum of the cryptocurrency. If fallen, Ethereum can be expected to have a pullback towards the EMA-30; in red, the now-support would then act as resistance. Breaking this resistance will indicate the overtaking of bullish pressures towards $1400. If the support fails, Ethereum can find support at the second ascending trend line near $1050.

In his Ethereum price prediction, Prince furthers that if Ethereum has an upward break out, it will enter a growth continuation zone to move towards the all-time high.

Ethereum in trouble as competitor’s gains rise 106 percent? 

The year 2020 has not only seen a cryptocurrency bull run but an accompanying DeFi explosion as well. Massive adoption of DeFi reported in various partnerships with corporate giants has resulted in the Total Value Locked in DeFi to attain new highs. The DeFi hype would mean good things for Ethereum but not when competitors are after the queen’s throne.

Ethereum’s competitor Near Protocol (NEAR) has reported gains of 106 percent as the DeFi hype grew. Near Protocol is a relatively newer platform launched only in 2020, and it incorporates the Sharding technique that Ethereum has planned to include in its Eth2 upgrade. A few months after its launch, NEAR reported significant activity on the mainnet with some good applications live on the platform. Although being new, NEAR is gaining popularity that may soon rival that of the queen’s. The question arises, is the queen’s throne in danger?

However, concerns with the governance of the Near Protocol have arisen. A majority of the NEAR tokens are in the hands of a select few, who need not obey rules and regulations. These concerns, coupled with Ethereum’s established position, indicate that NEAR may not be able to pose a threat to the queen.

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