|

Ethereum Price Forecast: ETH/USD dives to refresh $380 support

  • Ethereum fails to hold above $390 as the entire cryptocurrency market retraces from weekly highs.
  • ETH/USD is fundamentally ready for a breakout above $400 especially with the hashrate at all-time highs.

Ethereum has been rejected once again from the resistance range between $390 and $400. Bulls had recovered most of the lost ground after ETH dived to $370 earlier in the week. However, with the entire market in gains-trimming mode, Ether has been forced to join the party. At the time of writing, ETH/USD is trading at $381 because the tentative support area at $385 also gave into the increased selling activities.

Meanwhile, all technical levels signal the continuation of the bearish leg. The RSI is spiraling under the oversold and may soon hit the midline. If the downtrend remains uninterrupted, we can expect losses to hit hard at the support confirmed at $370.

The bearish grip is reinforced by the by Elliot Wave Oscillator printing an extended bearish session. In case the support at $370 fails to hold, ETH/USD could explore the rabbit hole towards $350.

Meanwhile, a reversal is likely to occur because buyers have not abandoned their hope for gains above $400. Besides, Ethereum is fundamentally ready to continue with the rally if not contain the price above $380. As discussed earlier, some traders are betting that Ethereum would hit $1,000 by the end of the year.

In addition, the hashrate of the network has hit all-time highs owing to the increased activities within the decentralized finance ecosystem. Therefore, if the technical picture improves, Ethereum could eventually spike not only above $400 but also past $500 in the medium term.

ETH/USD daily chart

ETH/USD price chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Ripple slumps toward $1.00 despite network growth and ETF demand

Ripple (XRP) is holding above the key $1.00 psychological support level at the time of writing on Tuesday, even as the market endures a protracted downturn that began in mid-June.

Crypto Today: Bitcoin, Ethereum, XRP correction deepens as capitulation persists

The cryptocurrency market continues to face downward momentum on Tuesday, with Bitcoin (BTC) sliding below $60,000, Ethereum (ETH) breaching the $1,600 mark, and Ripple (XRP) retreating toward its critical $1.00 psychological threshold.

Why a hawkish Bank of Japan could trigger the next Bitcoin sell-off

The Japanese Yen (JPY) recorded its lowest level in four decades, at 162.00 against the US Dollar (USD) on Tuesday, raising concerns that the Bank of Japan (BoJ) could intervene to protect the Yen.

Bitcoin struggles near $59,500 amid persistent ETF outflows, US-Iran Doha talks in doubt

Bitcoin struggles around $59,500 on Tuesday after a massive two-week correction. Investors remain cautious as the US and Iran offer different signals over whether their delegations will hold direct peace talks in Qatar.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.