Ethereum price prediction: ETH touches the $470 level

Description

Ethereum price prediction is strong for a re-rise. Ethereum displays powerful bull mode Current support is found at $465. Ethereum price gained strong support for $450 and above in the past 24-hours, and the queen of cryptocurrency is now onto the $465 high. In the past 12-hours, the Ethereum price hit the $470 mark. Apparently, … Read more

  • Ethereum price prediction is strong for a re-rise.
  • Ethereum displays powerful bull mode
  • Current support is found at $465.

Ethereum price gained strong support for $450 and above in the past 24-hours, and the queen of cryptocurrency is now onto the $465 high. In the past 12-hours, the Ethereum price hit the $470 mark. Apparently, the queen of cryptocurrency has been following the king bitcoin into the latest rally. If the current market trend persists, ETH is likely to see new highs.

At the time of writing, the queen of cryptocurrency is trading hands at the $464.37 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (18) and an even weaker selling momentum (2). The moving averages signal a strong buying impetus, with the Exponential moving average valued at $57.51 inclined towards buying action. The oscillators continue a weak buying approach with a relative strength index of 66.70 inclined towards neutral action.

Out of the 17 Moving Average indicators, 15 give a buy signal while the rest stand on a sell. Similarly, out of the 11 Oscillator indicators, 3 are giving a buy signal while 7 lean towards neutral.

Ethereum price prediction: Where is ETH headed?

Top trading view analyst discusses the promising cryptocurrency queen Ethereum’s performance signaling towards a massive bullish breakout. The queen has tested the mounting channel formation’s upper resistance several times, indicating a sturdy potency in the upcoming price action confirmations. A final show on the same front may be achieved if the queen manages to fulfill these significant price actions highlighted by VincePrince in the chart below. 

As per the chart above, Ethereum is seen building a trendline (in blue) with the upper zone creating a triangular clump (in red). Furthermore, the queen has developed a cogent wave count within the formation. The analyst calls this formation of high significance in the upcoming trends. Its consistency means a strong bullish impact on the price, and invalidating the same may send the queen dipping to lower boundaries, establishing a bearish impact.

Consistent bullish tendencies need proper price actions and continued hold of position in the channel’s upper zone, including but not limited to the triangular formation. VincePrince concludes that with the current and upcoming predicted breakouts, Ethereum is expected to catch up with the rising position of the cryptocurrency king Bitcoin 

Another top analyst YMGroup decodes the case of Ethereum trend as a classic head and shoulder pattern, predicting a dip in the pricing situation.

Ethereum price prediction chart by YMGroup

The queen descends downwards owing to the head and shoulder pattern around the $466 level, as per the chart above, the analyst expects the next support to be found at the $440 mark.

Atlas Trades analysis indicated an ascending motion and expects the new resistance to be at $480, and recommends waiting for this trend to develop before opening long position.

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