Ethereum price prediction: ETH loses critical support

  • Ethereum price predictions expect a decline before a rise.
  • Increased market volatility keeping the price below $370 mark.
  • ETH price expected to rise post current volatility period.

Ethereum price prediction was seen slightly sustaining price trajectory since the late hours of 15th October. The coin varied between the $380 and $360 price range while moving in relatively higher volatility zones.

Ethereum price prediction: ETH loses critical support 1
Ethereum price prediction chart by Trading View

Ethereum price stood at approximately $379.89 mark at the start of the 16th of October. Although the price volatility for Ethereum was observed to be relatively low, it did give promising momentum overall; throughout the 24-hours, the lowest decrease point was $363.83 around the time of 9:20 GMT. And at the time of writing, the worth of the altcoin was observed to be $366.46.

Ethereum price predictions: Where is ETH headed?

Cryptocurrency analyst Atlas Trades stated in their Ethereum priedction that he’s waiting for the price to reach support. If ETH will pull back and start growing, it will get a good shot at the long position’s bearish momentum. He explained that the strongest resistance could be observed at $390; however, since the price action has taken a further dip, $375 serves as a strong point at the time of writing.

Ethereum price prediction: ETH loses critical support 2
Ethereum price prediction chart by Atlas Trades

He further states that the price reached support (367.00) and stopped falling. He’s waiting for the price to pull back and make a new uptrend, which probably can break the channel’s upside and go higher. He explains that if we can open a long position to take the upside of the channel $377.50 as a first target and resistance $390.00 as a second target.

Analyst Solldy explains that the price is now in the channel, he anticipates that ETH USD will bounce off the support zone and reach the upper channel line, and then bounce down and reach support. Let’s wait and watch for what happens!

Ethereum price prediction: ETH loses critical support 3
Ethereum price prediction chart by Solldy

Renowned cryptanalysis VincePrince Ethereum explicates that, short-entry and resistance recently are going faster as expected, with the test of the upper boundary this also matched and it was a good place to cover our long-positions as we saw with good expectations and results.

He explains that now as Ethereum fell below this important middle-line-support and testing now meaningful support which is the 100-EMA it is an important question how and when Ethereum can recover from this bearishness or if it even falls more to form a pull-back-extension, therefore He detected all the important levels and possible outcomes we should consider with Ethereum in this established structure.

Ethereum price prediction: ETH loses critical support 4
Ethereum price prediction chart by Vince Prince

VincePrince expected that the pullback from middle-line-resistance to show up the next times Ethereum would move to the lower boundary and test it, which will also match to the wave-count forming here; this level will be critical for Ethereum to hold because when this does not happen, and Ethereum falls below the lower boundary it will extend the pullback within the pull-back-extension-zone marked in my chart in red.

However, when Ethereum manages to hold this line and stabilize here it is possible to form the next wave to the upside which will lead to a test of the remaining resistance levels lying there, the next times it will be important how Ethereum will react in the lower boundary and it will be interesting to watch the further developments after this has happened.

Lastly, analyst DLavrov explains that we have a bearish market. If we look at the swing highs and lows, we can talk about a new uptrend. But it will be better to talk about the bullish market when the price breaks the nearest resistance zone and moves above the cloud. Without it, the market will be able to continue the sideways movement between 300$ and 400$. DMI confirms the range of market conditions. The alternative is a new downtrend. For this, the price will have to break the local uptrend line and move below the 300$ support zone.

He suggests that one should use the short term and swing trading strategies in combination with 15m-1H timeframes. Buying signals should be in priority. Risk per trade must be no more than 5 percent of the capital. Cautious trading moves are tantamount to stop loss.

Disclaimer. The information provided is not trading advice. Cryptopolitan.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.

About the author