Ethereum price prediction – ETH/USD on the verge of a breakout below $380

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Ethereum price prediction now firmly entrenched in bearish territory Ethereum moving in a zig-zag pattern amid a dwindling altcoin market ETH/USD holding above $380, but bears are on the prowl Ethereum traders are looking for signs for a sustained breakout above $380 Bulls must push strong buying to achieve October highs above $420 Contents hide … Read more

  • Ethereum price prediction now firmly entrenched in bearish territory
  • Ethereum moving in a zig-zag pattern amid a dwindling altcoin market
  • ETH/USD holding above $380, but bears are on the prowl
  • Ethereum traders are looking for signs for a sustained breakout above $380
  • Bulls must push strong buying to achieve October highs above $420
Cryptocurrency heat map by Coin360

Ethereum price prediction – Current price overview

Ethereum price prediction has entered no man’s land as the cryptocurrency is struggling to hold above the $380 level. Even though the October highs are beckoning the bulls, the volume is not supporting the ETH/USD pair.

The bearish grip is increasing as the selling pressure intensifies above the $390 level. Above, the $400 resistance is emerging as a crucial sell-away point that has consistently pushed the pair down in the past few days.

On the fundamental front, the pair is tracking the broader markets. The global equity markets have been bearish this past week as the world towards the next US President due to be elected in the coming week. The volumes are drying up everywhere as the pair struggles to maintain enough liquidity for a fresh move upwards before this week ends.

Ethereum price movement in the last 4 hours looks shaky

The inability to cross $400 resistance repeatedly in the past 48 hours shows the exhausting bullish Ethereum price prediction. The overbought technical are now cooling off to signal that more sideways move is in the offing. The latest pullback is the pair’s significant move under the ascending trendline. The downward Ethereum price prediction is reflecting the price’s weakening bullish support.

The current ETH/USD price around $380 is on shaky ground as the pair may extend losses below the 200-day simple moving average. The Bollinger Bands on the 4-hour chart are sloping downwards with enough room for the price to run towards the $370 level. The ‘Relative Strength Index’ displays a downward tendency with readings below 70, indicating that overbought orders are drying up. The thin volume figure displays that trades are likely squaring up their positions as the weekend approaches.

ETH/USD 4-hour chart – Stagnant price action tilting downwards

Ethereum price chart by TradingView

The bearish narrative on the ETH/USD 4-hour chart is becoming strong as the pair approaches $380 support with falling volumes. The trendline support on the ascending channel is also dwindling fast. Ethereum bulls must take the price above the 100-day simple moving average and close above $400 for the bull scenario to materialize fully.

The strong selling pivot near the $410 level saw the pair fall around 8.3 percent. The support is the .5 Fibonacci level and will hold strong in the short term. The 4-hour chart shows that the price faltered around .618 Fibonacci level at $416. The pivot at $377 or the .5 Fibonacci retracement is where the bears allowed bulls to hold the fort.

The 100-day EMA lies at the $355 level, and it is the crucial support that the pair must not cross. On the bullish front, the buyers must display strong activity to cross $390 resistance and close above $400 on the hourly charts to renew bullish Ethereum price prediction.

ETH/BTC – More new lows in the offing

Against Bitcoin, Ethereum price prediction is fast approaching new lows. This week saw ETH/BTC pair touch 0.0284 lows. The pair was far above the 100-day EMA but gradually slipped underneath the ascending trendline to touch the 0.0284 low.

The slow weathering of the ETH/BTC pair is causing the pair to decline below 200-day EMA and reach the current level at 0.02812 BTC. Next, the pair looks set to break below 0.0284 BTC, and the 4-hour chart will soon see the 0.0278 BTC mark. Technical indicators like RSI and MACD are all pointing towards more bearish activity in the next few days. The resistance at 0.029 BTC must be crossed to further target 0.03 BTC after crossing a 200-day EMA.

The contracting Bollinger Bands on smaller hourly timeframes does indicate a renewal of buying/selling activity. As they approach divergence, traders must acknowledge the rise in volatility. In case the divergence approaches the top of candlesticks, the pair can quickly slide downwards with intense selling pressure.

Ethereum price prediction – Bearish pressure ready to take hold of ETH/USD

Given the muted buying activity and bearish technical, the pair looks set to move downwards. Both Bitcoin and Ethereum are trading in a narrow range, and the traders are moving in a sideways trend. The emerging selling pressure is likely to take hold on the hourly charts, and traders must square off their long positions as big macro events are due next week.

Ethereum options contracts will expire today. Long traders must take into account the options expiry as the pair can make wild moves over the weekend amid thin liquidity. Even as ETH lovers await Ethereum 2.0 update, the pair is on the verge of a bearish breakdown. Analysts are also considering the effect of a rising DeFi since users may flee the ETH network to explore more greener DeFi applications.

The stacking feature in ETH 2.0 can provide a much-needed boost to the pair since passive investment can increase the volumes. It is yet unclear what would be the exact impact of ETH 2.0 on Ethereum and its trading ecosystem. For now, Ethereum price prediction remains uncertain as the pair is set to break below $380 support.

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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