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

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.

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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.