Ethereum Price Forecast: ETH/USD plummets like dead weight in the air after hitting a one-year high at $400
- Ethereum bounces upwards following the plunge to $325 moments after hitting yearly high at $415.
- ETH/USD remains in the hands of the bulls as seen with the bullish session printed by the Elliot Wave Oscillator.
Ethereum has back in the $300’s range after briefly trading above $400. The tremendous price action occurred in tandem with Bitcoin’s surge above $12,000. Ripple also stepped above the critical $0.30. On the other hand, ETH/USD ascended to new 2020 highs above $400. A yearly high was traded at $416.48 (on Coinbase) before the devastating plunge occurred.
Ether is currently trading at $373.74 which is marginally above 2019 high at $361. Support at this level is expected to continue to hold as buyers focus on making the bullish case to $400. Resistance is expected at $380 but if broken, gains above $400 are likely to materialize.
Technically, Ethereum is in the hands of the bulls as seen with the RSI position above 70. The reversal from the levels above $400 is reflected in the RSI drop from 88 to 85. The Elliot Wave Oscillator is also in a bullish session, which means that gains will continue in the near term.
ETH/USD daily chart
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Author
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
