Ethereum Price Forecast: ETH Reclaims $400 As Odds Align For Liftoff To $430

By John Isige
Published November 2, 2020 Updated November 2, 2020
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Ethereum Price Forecast: ETH Reclaims $400 As Odds Align For Liftoff To $430

By John Isige
Published November 2, 2020 Updated November 2, 2020
  • Ethereum retakes the position above $400, following an impressive recovery from $370.
  • ETH/USD is the bulls’ hands, as reinforced by the RSI and the Bollinger bands.

Ethereum hit October highs at $420 but retreated to support provided by the 100 Simple Moving Average (SMA) marginally above $370 in the 4-hour range. Towards the end of the month, buyers took back control over the price, elevating Ethereum above $410. The impressive price action coincided with Bitcoin’s price rally above $13,000. Unfortunately, a retreat occurred with ETH diving back to the drawing board at $370.

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Meanwhile, Ethereum is trading at $400 following a remarkable weekend price action that took down several resistance zones, including the 100 SMA and 50 SMA. A short-lived constriction of the Bollinger bands contributed to the upward price action. For now, the path with the least hurdles is to the north, especially with the price trading above Bollinger Bands.

The Relative Strength Index (RSI) reinforces the bullish outlook after coming out of a downtrend and grinding closer to the overbought area. Besides, Ethereum’s immediate downside is supported by the Bollinger Band upper boundary in conjunction with the 50 SMA.

ETH/USD 4-hour chart

ETH/USD price chart by Tradingview

The price must settle above $400 for sustained price action. Resistance at $410 and $420 may delay the breakout eyeing $430. For now, the smart contract token is in the hands of the bulls, whose desire is to take off to $500.

The bullish outlook will be invalidated if ETH/USD slides back into the Bollinger Bands and below the 50 SMA. The lower leg may also test the buyer congestion at $390, as highlighted by the 100 SMA. If declines progress, Ethereum will explore the rabbit hole, grinding to the primary support at the 200 SMA.

Ethereum Intraday Levels

Spot rate: $400

Relative change: 3

Percentage change: 0.7%

Trend: Bullish

Volatility: Low

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1116 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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