Ethereum price recovers, bull triggers lie above $420

• The Ethereum price recovers, gains versus the USD
• Resistance at $420
• Support at $380
• Ethereum may process over $1 trillion of value in 2020

Ethereum price prediction: Current overview

Ethereum bulls have the upper hand.

At the time of writing, the Ethereum price was changing hands at $404. It is on par with today’s open at $404 and a small contraction from the $409 high. 

Going forward, it will remain to be seen whether buyers will be successful in maintaining prices above today’s lows of $403 and crucially, $390 of Oct 27.

Success might be the building blocks for further price gains above last week’s highs and towards $480. As it is, this might be a long shot. 

The $488 and $500 liquidation zone might appear insurmountable, a huge obstacle for determined buyers. Nonetheless, price triggers are influenced by underlying fundamentals.

According to Messari, the Ethereum network is on the course of processing over $1 trillion transactions in value in 2020. 

It will be a massive achievement, trouncing Bitcoin, despite the platform launching close to half-a-decade after Satoshi Nakamoto proved a concept.

Besides, there appears to a renewal in DeFi interest. The total value of assets under management by different DeFi protocols in Ethereum continues to expand above $11.2 billion. 

Interestingly, this is despite the shock following the Harvest Finance exploit and the team’s effort to institute reputational damage control.

Ethereum price movement in the last 24 hours

The Ethereum price is flat to bullish judging from price action in the daily chart.

Candlestick arrangement points to buys following yesterday’s bounce from the support trend line and the injection of demand. Not only did prices recover but there was an uptick in trading volumes.

Still, the medium-term price trajectory depends on whether last week’s highs of around $420 will hold. A break above this level will be a foundation, anchoring bulls for a moon-shot towards Aug 2020 highs.

On the flip side, bears will snap back, command control if the support trend line doesn’t hold as ETH prices crater from spot levels. Ideally, and as aforementioned, buyers will have an upper hand above $420. 

However, the breakout should be strong with high participation preferably exceeding trading volumes of Oct 21 (data from Coinbase).

Ethereum price movement in the last hour

Reflecting demand in the daily chart, the Ethereum price is confined within an ascending triangle with caps at around $420 and $380, respectively.

If there is a confirmation of the three-bar bullish reversal pattern of Oct 27 and prices snap above $420, breaking out from the triangle, odds of the ETH prices soaring to $480 will be elevated. 

Conversely, the support trend line in the daily chart stands to be broken if ETH prices disintegrate below $380 and the minor support trend line in the 1-hour chart.

Ethereum price prediction: Conclusion

Market participants are indecisive at spot levels. 

Although the Ethereum community is upbeat; price action leads and is the primary determinant of FOMO in Q4 2020. 

A close above $420 may lead to a spike towards $500 by the year’s close.