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.
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).
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.
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.
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.