Ethereum Price Prediction: ETH must hold this crucial support for bullish outlook to $400

  • The 50-day SMA is limiting movement, delaying Ethereum’s anticipated rally to $400.
  • Support at the 100 SMA is key to protecting the bullish outlook.

The smart contract token experienced an incredibly eventful week, starting with a ballistic rise to $395 and ending with a slump to $360. The price action to $400 was invalidated on Monday, opening the Pandora box. Support between $375 and $380 saw ETH take a hiatus from the downtrend. However, the final leg to $360 was triggered by the news regarding OKEx suspending withdrawals on Friday.

Ethereum could save the bullish outlook to $400

At the time of writing, ETH/USD is doddering at $367 after a shallow recovery from the short term support. Immediately above the price, the 50-day Simple Moving Average (SMA) is limiting movement. If this moving average is turned into support, Ether will crank the engines again for the journey to $400.

On the downside, the most important support is the 100-day SMA. Since September, the moving average has resulted in bullish reversals whenever tested. As long Ethereum holds above this zone, gains to $400 are likely to materialize.

ETH/USD price chart

ETH/USD price chart

IntoTheBlock’s IOMAP model reveals a challenging resistance zone ahead of Ethereum, from $369 to $380. Here, roughly 1.2 million addresses previously bought approximately 5.6 million ETH. Flipping this resistance into support is bound to boost Ethereum gradually towards the coveted $400.

On the downside, support is not as strong as the resistance. Therefore, bulls must ensure that the 100 SMA support described earlier is defended at all costs. Nonetheless, the model highlights a wide anchor running from $346 to $368.

Ethereum IOMAP chart

Ethereum IOMAP model

Looking at the other side of the picture

It is worth mentioning that the bullish outlook could end in the drains if the 100 SMA support is shattered. Similarly, the IOMAP shows that support is not as immense as the resistance ahead of Ether. In other words, if bears intensify the selling pressure, ETH may perhaps spiral to retest the primary support at $340.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ripple CEO takes the moral high ground around politics, while XRP struggles to break out

Brad Garlinghouse, Ripple CEO, has recently stated that tech companies have an obligation to solve societal problems. Garlinghouse was responding to comments made by Coinbase CEO Brian Armstrong, who caused a massive wave of criticism due to his remarks about not engaging in social and political issues. 

More Ripple News

Cardano Price Prediction: ADA poised for a steep correction despite the current uptrend

Cardano had a notable slip from $0.11 to a low of $0.101 on October 19, before finally recovering two days later. Unfortunately, it seems that the digital asset has crashed again, breaking the last support level established on October 19. 

More Cardano News

Uniswap Price Prediction: UNI flashes buy signal targeting $3.3 in the short-term

Uniswap continues trading in a downtrend and inside the daily descending parallel channel. The digital asset is slowly approaching the bottom at $2.7 while bulls try to push it above the upper trendline. 

More Uniswap News

Bitcoin Price Analysis: BTC poised for small correction before a major run to $15,000

Bitcoin (BTC) has settled above $13,000; however, further growth seems to be limited. The pioneer digital coin hit the recent high of $13,361 on October 25 and retreated to $13,110 by the time of writing. 

More Bitcoin News


Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast