September 17, 2020 / Analytics

Ethereum Price Analysis: ETH/USD Will Reach $400

Ethereum analysis forecast

On September 17, Ethereum contracting triangle was broken upwards as a result of the growth ETH cryptocurrency rate. Therefore, ETH/USD should rise to $ 400 by September 24th.

Key Points

  • ETH surpassed the 100 hour average of $ 370 and consolidated above this mark.
  • A bearish trend line has formed on the hourly chart with resistance around $ 381.
  • The nearest support barrier is located at $ 370.

Ethereum rate stabilized after a massive dump from $ 485 to $ 310. Over the past six days, the asset rate has fluctuated in a narrow range from $ 355 to $ 388, while the market was in a downward trend. However, the bulls broke through resistance around $ 370 on Thursday, and ETH/USD reached $ 383 (Bitstamp data).

ethusd

There is a double bottom on the ETH/USD chart. This fact, combined with the ETH rate exceeded $ 370 (the average price for 100 hours), indicates a further increase in the value of the virtual currency. The nearest strong resistance barrier is at $ 390. If the bulls manage to overcome it, then ETH/USD will increase to $ 400. Otherwise, the key support zone of $ 355 will be retested.

Ethereum Price Will Drop In The Medium Term

Over the next few sessions, ETH/USD will reach the $ 390-400 resistance zone. If the bulls do not overcome this obstacle, the asset will start dumping. The coin rate may well drop to $ 300-309. The line of the upward trend, which started in March, is at this level. The upcoming reversal in the market is signaled by two technical indicators – LTF trend and Top Goon X.

ethusd2

Note, Ethereum market is at the accumulation grade now. This hypothesis is based on comparing the current trend with the trend that was observed in the Bitcoin market in 2016. The dynamics of changes in the average price of assets over 200 hours is largely the same, so traders assume that the value of ETH will rise after a period of flat and reach $ 1000 by 2022.

eth chart

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 50 (in the neutral zone).
  • Major Support Level – $ 355.
  • Major Resistance Level – $ 400.
  • The nearest pivot points are $ 360 and $ 385.
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