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Ethereum Price Prediction: ETH/USD Consolidating; Price Moves Above $350 Resistance Level

ETH Price Prediction – October 5

Ethereum consolidates above $350 as the technical indicator RSI (14) confirms the sideways price action.

ETH/USD Market

Key Levels:

Resistance levels: $415, $420, $425

Support levels: $285, $280, $275

ETHUSD – Daily Chart

Following the dip on October 2, after touching the support at $195, ETH/USD bulls made a comeback, sending the price above $344. Since the position at the vital $352 level has been reclaimed by the bulls. The daily chart reveals that the Ethereum (ETH) has been strengthening its bullish case towards $360. The resistance at $356 has been a hard nut to crack but ETH/USD will need to push the market price above the 9-day and 21-day moving averages.

What Is the Next Direction for Ethereum (ETH)?

At the time of trading, ETH/USD is exchanging hands at $353 after surging only 0.26% on the day. The Bitcoin’s immediate upside is capped by the 21-day (MA) in the daily range. The intraday high is now the next resistance target likely to stand in the way of the recovery to $360. Meanwhile, the technical indicator RSI (14) recovers above 50-level could likely hint that Ethereum is now at the edge of a bullish breakout. The support levels of $285, $280, and $270 may come to play if the price remains below the moving averages.

ETH/USD is seen penetrating around the 9-day and 21-day moving averages within the ascending channel. More so, the break above these moving averages is the first signal needed for a bullish to press higher. Nevertheless, ETH/USD has to break above $380 before hitting the potential resistance levels at $415, $420, and 425.

Against BTC, Ethereum is trading below the 9-day and 21-day moving averages within the channel and the price is now hovering at 3277 SAT as the RSI (14) moves in the same direction above the 44-level. Although the bears remain the dominant of the market, the bulls may need to break the above the 9-day and 21-day moving averages to take charge.

ETHBTC – Daily Chart

However, the resistance levels to be reached are located at 3550 SAT and above. Conversely, a lower sustainable move below the moving averages could attract the sellers to step back into the market with the next focus on 3000 SAT and below.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.

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