Ethereum Price Prediction – October 7
At the time of writing, the Ethereum price prediction shows that ETH must break and close back above the $3500 level for further upside.
ETH/USD Market
Key Levels:
Resistance levels: $4000, $4200, $4400
Support levels: $3000, $2800, $2600
According to the daily chart, ETH/USD is seen trading at $3596 after recording an intraday high at $3643 during the European session today. Looking at the daily chart, Ethereum (ETH) has failed to follow in the footsteps of Bitcoin (BTC) as its margin of gains has been limited this time around. Actually, ETH/USD is still above the 9-day and 21-day moving averages after recovering from the daily low of $3471.
Ethereum Price Prediction: ETH Price May Spike to the Upside
Since the beginning of this month, today has been a day that the Ethereum price touches the monthly high of $3643 and the coin is expected to rise from this current high to $3800 in the next one-week reason been that the ongoing trend may move a little bit higher in the next positive movement. In the meantime, the Ethereum price may move towards the upper boundary of the channel to touch the nearest resistance at $3800.
Therefore, as the red-line of 9-day MA crosses above the green-line of 21-day MA, the coin may continue to do well and the price could hit the resistance levels at $4000, $4200, and $4400 respectively. Meanwhile, should the technical indicator makes a quick turn to the south, there may be a cross below 60-level and the bearish drop may likely roll the market down to the support levels of $3000, $2800, and $2600 as the Relative Strength Index (14) moves above 60-level.
When compares with Bitcoin, as the red-line of 9-day MA is below the green-line of 21-day MA, the market price focuses on the downward movement within the channel. ETH/BTC is currently trading at the 6635 SAT and if the market continues to rise, the next key resistance may likely be at 7000 SAT and above.
On the downside, a possible bearish movement below the lower boundary of the channel may likely come into play and the support level of 6000 SAT and below could be visited. Meanwhile, the market may have a bullish day today because the Relative Strength Index (14) indicator moves above 40-level, suggesting more bullish signals.
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