Ethereum Price Prediction – October 11
The Ethereum price could spike a significant surge as the price breaks above the resistance level of $3500.
Resistance levels: $4000, $4200, $4400
Support levels: $3000, $2800, $2600
ETH/USD is seen refreshing to a new high after touching the daily low of $3373 to breaches above $3500 while currently trades at $3558 with a bullish crossover above the 9-day moving average. While bears are attempting to increase selling pressure near the $3500 level, meanwhile, the bulls may try to collect more on the price dips.
Ethereum Price Prediction: Ethereum (ETH) May Trigger Fresh Rally
Looking at the daily chart, the Ethereum price can only increase the bullish movement if the $3500 support is maintained at all costs. Currently, the technical indicator Relative Strength Index (14) is likely to cross above 60-level by sending bullish signals into the market which can encourage more buyers to enter the market.
Meanwhile, since the red-line of 9-day moving averages stays above the green-line of 21-day moving average, the Ethereum (ETH) may continue to do well and the market price may reach the resistance levels at $4000, $4200, and $4400 respectively. On the contrary, if the technical indicator decides to make a quick cross below the 21-day moving average, then, there may be a quick bearish drop which may likely bring the market down to the support levels of $3000, $2800, and $2600 respectively.
When compares with Bitcoin, Ethereum price is hovering below the 9-day and 21-day moving averages as the price plans to cross below the lower boundary of the channel. Meanwhile, the technical indicator Relative Strength Index (14) is seen moving towards 40-level. However, for the fact that the market remains at the downside, the pair is likely to move sideways before deciding on the next direction.
Moreover, the daily chart reveals that the potential resistance level is located at 6800 SAT and above but a higher sustainable move may likely cancel the bullish pattern which could attract new sellers coming into the market with the next focus on the support level of 5800 SAT and below.
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Author: Azeez Mustapha