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Ethereum

Ethereum Price Prediction: ETH is eying up $400 as the uptrend continues

  • Ethereum is currently trading at $365 after a healthy rebound from its low at $310.
  • The current bullish momentum might have enough strength to push the digital asset towards $400.

Ethereum bulls have regained some ground in the short-term, getting back $5 billion in market capitalization. The digital asset traded as low as $310 on September 5, and it’s now trading at $364.

Ethereum is poised for further gains according to indicators

Several indicators support the theory that Ethereum still has more room to the upside, at least in the short-term. If we look at the 12-hour chart below, we can observe a ‘9’ buy signal from the TD sequential indicator.

ETH/USD 12-hour chart

eth price

ETH’s price has just climbed above the 50-MA, and it’s trying to turn it into a support level. The MACD has turned bullish on September 26 and remains strong.

Ethereum IOMAP Chart

eth price

When looking at possible resistance levels on the way up, the In/Out of the Money Around Price chart by IntoTheBlock provides us with some valuable information. Right off the bat, we can observe that very few addresses bought at $365 and above in comparison to $353 and below. The area between $365 and $376 only has 2 million ETH in volume, a minuscule number compared to the 10 million ETH in volume at the $342-353 area.

This chart shows that Ethereum has way more support than resistance, which would validate the buy signal. The 100-MA at $385 will also pose some resistance for the bulls in the short-term.

Ethereum is facing other challenges ahead

While the 12-hour chart is heavily in favor of the bulls, other time frames like the 4-hour chart show signs of a short-term pullback.

ETH/USD 4-hour chart

eth price

On the 4-hour chart, the price of the smart-contracts giant is currently fighting to stay above the 100-MA at $362. A rejection from this level would be notable and likely to take ETH down to the 50-MA at $349, which coincides with the most significant support area on the IOMAP chart.

ETH IOMAP Chart

eth price

Bulls need to pay close attention to the $348 support level as it represents a vital pillar for Ethereum in the short-term.

On the other hand, if the buy signal is validated, we could see Ethereum test the 100-MA at $385 and the $400 psychological level before the next correction.

 

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