Ethereum Daily Price Forecast (10/30/20) — Quiet Day… Setting Up For a Big move?
Ethereum was quiet on Thursday, puttering around $380 to $390, closing slightly positive on the day. Ethereum looks to be in a consolidation pattern before continuing higher.
(October 29, 2020 8:00 PM EST)
Outlook: Ethereum didn’t do much today, moving back and forth in a tight range to close the day almost unchanged. ETH’s chart looks like a stepping ladder, taking 2 steps up, then 1 step down, rinse and repeat. This is a healthy uptrend that’s well in tact and supported by every and all macro economic factors possible at this point. We could see some volatility over the next few weeks given current socio-political-economic headwinds, however, that should be temporary weakness for ETH, if at all. If we were to see a major shock to the system and a flash crash in response to a major political upset or devastating COVID second wave, I wouldn’t rule out a spike down to the $300 level, but I think the buyers step in and value-hunt, as ETH would just be that much more undervalued against BTC and in general.
Support: Look for support at the 50 Day EMA around $368 and then $350. As mentioned previously, I need to see an impulsive wave higher above $400 again to be able to call it support. That didn’t happen, so ETH pulled back, and now I’m looking for a bounce off support to reattempt $400. Longer-term support should be found around $300 which is only a few bucks higher than the 200 Day EMA, which is nearby.
Resistance: $400 is my near-term resistance until ETH breaks decisively above it. Once ETH breaks through $400, we’ll then look for confirmation of support and then look higher to $450 and $500. Given the volatility in markets and bearish tone, ETH may see further weakness as collateral damage.
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