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Ethereum Price Prediction: ETH May Push Towards $430 if $397 is Crossed

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Ethereum Price Prediction

Ethereum collapsed on August 2nd, it was pretty frightful. After registering a yearly high of $407 due to high liquidations on both the Bitcoin and Ethereum futures, the altcoin was dealt with by a deafening drop. Dropping to $325 at one point in time, the asset has been able to carve its way above $369 in the last 24 hours, injecting a little optimism on the market.

ETH 1-hour chart

ETH price prediction

At first glance, ETH traders will be salivating on 1st glance on the 1-hour chart. Over the past day, ETH has been oscillating between an ascending channel, which is a predominantly bullish sign in the market. The token is currently right under the resistance at $397, which is holding strong for the moment. Considering the breakout is positive from the pattern, and the asset is able to break through the resistance, a re-test above $407 is likely as well.

However, the bearish divergence between trading volume and price is varying sign. The rally hasn’t been supported by high volume, which might be indicating a false rally at the expense of past performance.

ethereum trading view

From a bullish side, if ETH is able to break above $407, the main thing to watch is the Relative Strength Index or RSI. The buying pressure facilitated by RSI is currently under the resistance at 62, nearing the overbought zone again in the charts.

Any move above this region will give the asset enough moment to possibly register a new high at $430, which was last witnessed back in 2018.

ethereum news

Now, market indicators again illustrated a conflicted future-forward. MACD suggested the trend is bearish since the blue line is above the red line at press time. A bullish reversal is plausible in the charts but there is a case to be made for a bearish presence of CMF.

Chaikin Money Flow or CMF suggested that the capital inflows are currently getting dominated by capital going out, therefore the bullish foundation for the next rally isn’t completely rigid. Over the next 24-hours, the trend will attain more clarity whether a new high will be registered or not for the largest altcoin in the cryptocurrency space.

 

Analyst says Bitcoin will rally soon and that community should not ‘panic’

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The cryptocurrency market was pushed into a state of panic recently after the severe dip in prices. Bitcoin, the most popular and the biggest cryptocurrency on the planet has been one of the worst affected in this scenario as its value fell by more than $2500 within the span of ten days.

Although the situation was quite grim, Bitcoin analysts have not lost hope in the digital asset with davethewave tweeting:

“Though there is an air of panic, this is Bitcoin normal [the panic is normal also]. BTC is super-volatile. It has now corrected 50%. I’ve compressed the time in this chart to provide a visual of log growth time. As they say, good things take time.”

An analysis of Bitcoin showed that the cryptocurrency was struggling to climb back up to bullish highs. The Relative Strength Index, an indicator used to measure the ebb and flow of market pressure, was below the oversold zone. This was a sign that the selling pressure was much greater than the buying pressure, a direct correlation of the price crash.

The Chaikin Money Flow indicator had fallen way below the zero line after changes in investor sentiments. The dip in the CMF stated that the capital leaving the market had overtaken the capital flow into the Bitcoin market. Bitcoin had gone through a similar rise and fall in October when its value fell to $7440 after which it shot up to $9540. The latest bear run started from that range to settle at the current price point of $6695.

Some members of the Bitcoin community had several queries about the price prediction. The most asked question was about whether the current situation was a result of market capitulation. This was again in relation to the fact that during the beginning of November, the cryptocurrency was holding near the $9000 mark which was a surprising reversal in fortunes. The Parabolic SAR for Bitcoin also took the side of the bear as the markers continued to stay above the price candles. This was a direct prediction that before the predicted bullish parabolic move occurs, Bitcoin will have to go through some more downturns.

The ‘panic’ that davethewave talks about seems to be receding because huge Bitcoin transfers have made their mark in the space recently. This included two separate transfers of more than $300 million and $90 million each in the space of 48 hours.