Ethereum Price Prediction: ETH could be on the verge of an imminent breakout above $400
|- Ethereum is trading at $388, right above a crucial resistance level at $385.
- Many ETH fundamentals are currently bullish and will help the digital asset.
A few hours ago, we posted an article about Ethereum and its vital fundamental metrics. ETH was trading at around $380, right below a significant resistance level at $385, which has broken now.
Ethereum's In and Out of the Money data
Source: IntoTheBlock
The next critical resistance point is $390, but the IOMAP chart clearly shows there is practically no resistance even until $433.
ETH/USD daily chart
-637359644917123040.png){kind=link}
The smart contracts giant is close to breaking out of the triangle pattern but will also run into the 50-MA resistance level at $390.7 and the high of $390.43. The amount of resistance above $390 is still reasonably low since we reported it, which means bulls have a clear way into $400 and above.
ETH/USD 4-hour chart
-637359645061821703.png){kind=link}
Ethereum seems to breaking out as well after cracking the $385 level; however, there is still some resistance ahead at $390. This resistance level is also close to the 200-MA at $391.94. It’s certainly not surprising seeing Ethereum move up as the number of whales has been increasing since September 10, as we saw this morning.
On the other hand, a clear rejection from $390, forming a double top could be the spark that bears need to take the lead and push Ethereum back to $355.
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.