ETH Price Prediction – October 13
ETH/USD is currently retreating as the coin journey towards the $400 resistance level.
Resistance levels: $435, $455, $475
Support levels: $335, $315, $295
ETH/USD is hovering at $381.41 following a 1.38 % loss on the day. However, the whole market is currently in the red, with most cryptos having succumbed to downward pressure. Bitcoin (BTC), for example, is inching closer to $11,445 support after failing to hold above $11,600. Similarly, there is a possibility of retracement towards $385 will occur before the second-largest crypto gathers the strength to zoom toward the resistance of $358 and $490.
What to Expect from Ethereum (ETH)
If the sellers push ETH below the moving averages, the next support levels may be located at $350. This is followed by significant support towards the lower boundary of the channel and a downside may come into focus. Therefore, if the $350 breaks, further support may be located at $335, $315, and 295 levels.
Meanwhile, the RSI (14) is moving beneath the 60-level, and if it continues to fall, the increased bearish pressure could drive ETH/USD toward the lower boundary of the channel. However, the signal line may drop more and looks primed for another bearish crossover signal. The resistance levels to watch are $335, $315, and $295.
Comparing with Bitcoin, the Ethereum price is following the downward trend. As the coin trades above the 9-day and 21-day moving averages, sellers are likely to pose an additional threat which may cause the buyers to reach the support level of 0.032 BTC. However, an eventual break below the moving averages of the channel may cause Ethereum to collapse.
However, the continuation of the downtrend could hit the main support at 0.032 BTC before falling to 0.030 BTC and below. More so, the buyers may continue to push the market above the moving averages to reach the potential resistance at 0.036 BTC and above if a rebound plays out. The RSI (14) is trading on the downside, indicating that the sellers are in control.