August 13, 2020 / Analytics

Ethereum Price Analysis: ETH/USD Will Drop To $360

ethereum forecast

Ethereum (ETH) cryptocurrency market has entered a phase of consolidation. For 10 days the asset price fluctuates in the range from $ 406 to $ 367. If the second cryptocurrency keeps the current trend, ETH/USD will drop in price to $ 360 and then rise to $ 400.

Key Points

  • ETH volatility is gradually decreasing due to the fall in trading volume.
  • An uptrend line with support at $ 385 has formed.
  • Major resistance is at $ 400, support is at $ 360.

This week, Ethereum lost 7% in price and fell to $ 369 (Bitstamp data). However, that time ETH/USD began to actively buy, and the value of the cryptocurrency returned to its previous level – $ 395. The previous pump and dump cycle lasted five days, so it can be predicted that on August 14 the value of the coin will reach its maximum value around $ 395, until August 16, the rate will fluctuate slightly, and next Monday the dump will begin to $ 360.

There are no long-term trends on the August chart. The initiative alternately passes into the hands of bulls and bears, moreover, due to a decrease in the level of volatility, the situation on the market tends to flat. Most likely, exchange rate fluctuations will subside, concentrating at an average of $ 380. In this case, in a couple of weeks, the asset price will change in a narrow corridor – from $ 370 to $ 390.

eth chart

When Will Ethereum Fly To The Moon?

In August, the 50-day average ETH value surpassed the previous high recorded last summer. This fact indicates that the consolidation period of 500 days in the Ethereum market has ended. A similar situation happened at the end of 2015. Then the stage of consolidation lasted 250 days and ended with a bull run, as a result of which the price of the coin increased from $ 1 to $ 20.

eth chart

If we draw an analogy, then we can assume that Ethereum is going to the bull rally. Analysts are divided over the destination of the lunar flight. The most daring forecasters bet on $ 1000, while more cautious traders call the figure $ 600. At the same time, most investors believe that the bullish trend in the ETH market will continue as long as 1 coin costs at least 0.031 BTC (now the rate is 0.034).

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 50 (in the neutral zone).
  • Major Support Level – $ 360.
  • Major Resistance Level – $ 400.
  • The nearest pivot points are $ 386 and $ 404.
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