Ethereum Price Prediction: ETH/USD Climbs by 2.93%
Ethereum Price Prediction – October 25
If the Ethereum price prepares for the uptrend, the coin will be technically and fundamentally ready to break above $4300 respectively.
Resistance levels: $4500, $4700, $4900
Support levels: $3800, $3600, $3400
ETH/USD is seen trading above the 9-day and 21-day moving averages within ascending channel. The second-largest cryptocurrency might kick-start another bullish run back above $4200 if the market price moves close to the upper boundary of the channel. Therefore, the break above this barrier is the first signal needed for a bullish to press higher.
Ethereum Price Prediction: Ethereum Price May Blow Hot
Looking ahead, if the Ethereum price continue to grind higher, the first resistance level may be located at $4300 as this could also be followed by $4400. However, additional resistance may also be found at $4500, $4700, and $4900 respectively. On the other side, if the Ethereum price moves below the 9-day moving average, it could hit the first support level at $3900.
Beneath this, staying below the moving averages may lead to the critical support levels at $3800, $3600, and $3400. Meanwhile, the technical indicator Relative Strength Index (14) moves above 65-level, which indicates the buyers are attempting to gain control of the market momentum and this, could also mean that another signal of ETH could be pushing back above $4300 soon.
When compares with Bitcoin, the daily chart shows that the red-line of the 9-day MA is trying to cross above the green-line of the 21-day MA. However, in as much the price remains above the moving averages, there is a possibility that additional benefits could be obtained in the long term. Therefore, the next resistance key above this barrier is close to the 6800 SAT level. If the price keeps rising, it could even break the 7000 SAT and above.
However, if the bears regroup and move below the moving averages, the support level of 6300 SAT may play out before rolling to the critical support at 6200 SAT and below. The Relative Strength Index (14) is moving around 53-level, which indicates sideways movement.
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Author: Azeez Mustapha