ETH Price Prediction, ETHUSD Technical Analysis
Hey Traders, Let’s check out ETH price prediction for the long term and short term.
A few months ago, I told our telegram channel about ETHEREUM Price Prediction that it will reach beyond the $600 level. The original ETH price prediction is about beyond $700 USDT. You can see that post here.
It has provided 2-3 opportunities at that level to buy, and I told every time to buy in the dip and finally we see the rise in a few months. Along with that, in March 2020, I provided four coins to keep an eye on and holding a bag. Link to message
If you are following us since the beginning, then you should know how profitable we have been. That’s all talk about previous thoughts. Let’s check out about current price action on ETH.
ETH Price Prediction for Long Term
Despite the price of ETH the big institutional investors are buying Bitcoin, Ethereum, and Litecoin on the daily basis. Which means in fundamental reason I can say all of those coins are in bullish period. Holding some bag is good for a longer term.
ETH Price Prediction for Short Term
The below-given chart is 4 Hrs chart of Binance ETHUSDT pair. As we can see, the chart is very clean with just two important criteria which are trend line and resistance zone of daily ETHEREUM Chart. Since the starting of DEC 2020, ETH trend has been changed as there can be two reasons, first, $600 is a rounding number which creates a phycological resistance which leads to huge selling. Another can be the double top formation in the daily chart.
Yet, the pattern double top is not confirmed as ETH is rising again to the daily level of resistance and creating a consolidation range under the resistance zone. So here there will be two possibilities.
First Possibility (Retest)
Due to the recent drop from daily resistance level the first possibility of retest will be more fisible. If the given small range support is broken then there will be a further drop at the bullish trend line which is acting as support since November 2020. We will look at the zone later, only when the green box support got broken.
Second Possibility (Continuation of Consolidation)
If that given support range is held by ETH then there will be some more consolidation at this range. The consolidation forming under resistance is generally bullish signal.
So overall thought on ETH is, either there will be consolidation for some days or there will be a retest of the trend line support before breaking up the daily resistance as well as phycological $600 range.
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