Ethereum Price Prediction – October 4
The Ethereum price is approaching a crucial level of support as the coin must have the support of $3300 to rise to $4000.
ETH/USD Market
Key Levels:
Resistance levels: $3800, $4000, $4200
Support levels: $3000, $2800, $2600
At the moment, ETH/USD is hovering at $3354 following a 1.91% loss after touching the daily high at $3428. However, the Ethereum price has not seen any major pullbacks yet and may use the 21-day moving average for support if it happens. More so, the most important signal for Ethereum is the break of $3500, which represented a major resistance level. Therefore, should in the case of bulls staying above this level, they may absolutely confirm a monthly uptrend.
Ethereum Price Prediction: Will ETH Break $3500 or Reverse?
As the Ethereum price stays above the 9-day and 21-day moving averages, the daily low at $3324 may continue to give the buyers sleepless nights. However, a break below the support level of $3200 could most likely give ETH/USD a fall below 9-day and 21-day moving averages before reaching the critical supports at $3000, $2800, and $2600.
Furthermore, the Relative Strength Index (14) confirms the bearish movement as the signal line heads below the 55-level. However, until the market finds a stable level to reinforce the uptrend, ETH/USD can continue the downtrend. Otherwise, the resistance level might be at $3500 while other resistance levels are at $3800, $4000, and $4200 respectively.
Against the BTC, the Ethereum price is clearly bearish at the time of writing. As the price falls, sellers are posing an additional threat for buyers which could slump below the 9-day and 21-day moving averages where the nearest target is located. However, an eventual break below this barrier may cause the coin to collapse.
However, a continuation of the downtrend could fall below the lower boundary of the channel before touching a critical support at 0.065 BTC and below as the Relative Strength Index (14) is seen moving below 50-level. Meanwhile, if the price faces the upside, the buyers may resume back and push the market to the potential resistance at 0.075 BTC and above.
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Read more:
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