Search Inside Bitcoins

Ethereum Price Prediction: ETH/USD Could Resend the Market Price Above $400

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

ETH Price Prediction – August 6

ETH/USD is still struggling to stay above $400 as the entire market takes a brief pause.

ETH/USD Market

Key Levels:

Resistance levels: $450, $470, $490

Support levels: $340, $320, $300

ETHUSD – Daily Chart

ETH/USD is currently recovering above $395 and it is likely to climb back above $400 soon. Ethereum has remained relatively flat for the past four days as the bulls and bears are fighting for the $400 level. The yearly-high remains at $415.61 with the nearest support level located at $366.41 in the short-term.

Dips Likely To Be Contained in ETH/USD

If Ethereum price breaks above the channel, it could test the $420 resistance. However, a successful break above the upper boundary of the channel and $420 could open the doors for a fresh increase above the $430 level. In the mentioned case, the price is likely to rise towards the $450, $470, and $490 resistance levels in the coming sessions.

Moreover, as the technical indicator stochastic RSI moves below 70-level, the nearest support is located around the 9-day MA at $360 level. If there is a bearish break below this support, ETH/USD could test the $350 support. The next major support is near the $340 level, where the bulls are likely to take a strong stand. Any further losses could lead the price towards the $320 and $300 support levels.

Against Bitcoin, the last 24-hour has appeared to be bearish for Ethereum as the market experiences a drop from 0.0342 BTC side; approaching 0.0320 BTC support. Meanwhile, the 4-hours stochastic RSI is revealed moving below 66-level, a slight bearish confirmation.

ETHBTC – Daily Chart

If the price is rejected at the 0.033 BTC, the bulls might push the market back to the 00.0344 BTC towards the upper channel. If a breakout occurs, we can expect an immediate resistance at 0.038 BTC and above, from above. Below the channel, the key supports lie at 0.0300 BTC and below.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next