Ethereum Price Prediction – October 28
The Ethereum price prediction is currently breaking above the $4200 barrier as the coin faces the upper boundary of the channel.
Resistance levels: $4600, $4800, $5000
Support levels: $3600, $3400, $3200
ETH/USD is seen refreshing to a new high after touching the daily low of $3899 to move above $4000 while currently trades at $4213 with a bullish crossover above the 9-day and 21-day moving averages. On the contrary, the bears may intend to increase selling pressure if the market price cross below the moving averages but the bulls could collect more on the price dips.
Ethereum Price Prediction: ETH Price Ready Push Higher?
The Ethereum price can only maintain the uptrend if the current market movement maintained the movement above the moving averages. Currently, the technical indicator Relative Strength index (14) is crossing above 60-level by sending bullish signals into the market which could encourage more buyers to enter the market. However, the Ethereum (ETH) now crosses above the 9-day moving average to gain additional bullish movements.
Meanwhile, in as much as the red-line of 9-day MA remains above the green-line of 21-day MA, the coin may continue to do well and the Ethereum price may cross above the upper boundary of the channel to hit the resistance levels at $4600, $4800, and $5000 respectively. On the contrary, if the technical indicator decides to make a quick turn back below the 21-day moving average, there may be a quick bearish drop which could roll the market back to the support levels of $3600, $3400, and $3200 respectively.
When compares with Bitcoin, Ethereum is trading above the 9-day and 21-day moving averages as the price hovers at 6967 SAT. Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross above 50-level. Moreover, for the fact that the 9-day MA crosses above the 21-day MA, the market price seems to be following an upward movement.
Moreover, the daily chart reveals that the potential resistance level is located at 7500 SAT and above but a lower sustainable move may likely cancel the bullish pattern which could attract new sellers coming into the market with the next focus on the support level of 6300 SAT and below.
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