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Ethereum Price Prediction: ETH/USD Ready to Fall Below $4200

Ethereum Price Prediction
Ethereum Price Prediction

Ethereum Price Prediction – October 31

The Ethereum price is approaching a crucial support level which could take the second digital asset to the downside.

ETH/USD Market

Key Levels:

Resistance levels: $4800, $5000, $5200

Support levels: $3800, $3600, $3400

Ethereum Price Prediction
ETHUSD – Daily Chart

As the daily chart reveals, ETH/USD is currently trading down by 1.97% at its current price of $4239, which marks a notable decline from its daily high of $4395 that was set today when the bulls attempted a slightly positive move. In the past few hours, ETH/USD has been able to find some support around $4168 level.

Ethereum Price Prediction: Ethereum Price May Range-bounds

After touching the monthly high of $4461 a couple of day ago, the Ethereum price is currently facing the downside. Therefore, many traders were expecting the coin to resume uptrends as the 9-day moving average still remains above the 21-day moving average. However, the Ethereum price is currently hovering above the 9-day and 21-day moving averages which is yet to break above the upper boundary of the channel.

On the contrary, a bearish drop below the moving averages may roll the market down to the support level of $3800, $3600, and $3400 while a possible bullish surge could drive the market above the channel to hit the nearest resistance levels of $4800, $5000, and $5200 which could further provide bullish signals for the market. Meanwhile, the Relative Strength Index (14) is facing the negative side, and staying there may cause the coin to touch the $4000 support level.

Against Bitcoin, the Ethereum price is currently facing the upside as the bulls are yet to take over the market. As it is, ETH/BTC is currently trading at 6985 SAT and the bulls couldn’t push the price above the daily high of 7121 SAT. However, if the market drop below 9-day and 21-day moving averages, the next key supports may likely be at 6500 SAT and below.

ETHBTC – Daily Chart

On the upside, any further bullish movement could push the market towards the upper boundary of the channel to visit the resistance level of 7500 SAT and above. Similarly, the Relative Strength Index (14) is moving below 60-level, suggesting that the market may follow sideways movement.

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