- Ethereum price prediction expects a rise.
- Ethereum under strong bullish cycle.
- Next strong resistance target predicted at $490
Ethereum price has been trending in a downward motion in the past 24-hours, and the queen of cryptocurrency is currently on a $ 441.77 low after experiencing a high of $468.81. Bitcoin fluctuations are close to an end with the results of US elections out of the bag and market slowly moving towards actual numbers. Ethereum will most likely follow suit , as witnessed in the past.
At the time of writing, the queen of cryptocurrency is trading hands at the $442.53 mark. While on the other hand, trading view technical signals consistently show weak buying momentum (17) and an even weaker selling momentum (2).
The moving averages signal towards a strong buying impetus of 15 with the Exponential moving average valued at $430.81 inclined towards buying while the oscillators also signal towards a week buying impulse of 2 with a relative strength index of 64.17 inclined towards neutral action.
Out of the 17 moving Average indicators, 15 are giving a buy signal while 1 stands on neutral and selling signal each. Likewise, out of the 11 Oscillator indicators, 2 are giving a buying signal, while 8 stand on neutral, and 1 leans towards buying.
Ethereum price prediction: What to expect?
Trading view price analyst Alan Masters takes us through the weekly journey of Ethereum trends, discusses the effect of Cryptocurrency king’s performance on the queen’s charts, and describes various aspects of the chart signaling towards a massive bullish cycle.
Bitcoin (BTC) is leading the way , while cryptocurrency queen Ethereum has been left behind, although in several past instances BTC and ETH have been moving in close alignment.
The cryptocurrency king is now retesting the $16,000 range, previously witnessed in December 2017’s Santa rally, this time however the cryptocurrency queen is following a mind of her own with trading numbers similar to that of August and September 2020.
Alan’s Master’s chart depiction above clearly depicts a bullish trend in the weekly timeframe. Sturdy and secure price trading is happening above the EMA10 i.e. $390 mark as well as across the moving average lines. Volume signals continue to be on the low side advocating the consistency of the bullish phenomena.
Looking at the trend since March 2020, the pricing analyst highlights the persistent rise in pricing and called the ETH market and bullish cycle.
The relative strength index (RSI) is nearing a powerful 70 , the signal tends to hold a lot more power on the weekly timeframe as oppose to the daily one. 70 on the charts of weekly RSI indicates a giant upthrust underway at any moment given the chart structure.
A great deal of added growth points can be seen on chart owing to the strength of Moving Average Convergence Divergence (MACD).
The cryptocurrency queen has been trading above EMA10 for the past 6-7 months also pointing towards the bullishness of the situation.
The analyst concludes that with a 100 percent bull mode on, rise in ETH pricing structures is definite. Possibility of a bearish trend is quite bleak and is expected only if any price breakouts are witnessed around the $390 mark, staying above this level ensure a continuous bullish journey for the cryptocurrency queen.
Top trading view analyst Atlas Trades confirms the new resistance target to be $490 after the breakout of the prior resistance at the $450 mark. She further predicts a strong upturn , after which opening a long position is highly recommended.