The price of Ethereum reached $490, about 11% under our bullish target of $550. Can Ethereum still reach the $550 mark?
Ethereum Price Forecast – Ethereum reaches $490 then follows Bitcoin’s dump!
The Ethereum price was able to break the horizontal resistance between $415 and $448 and rose all the way to $490. Meanwhile, a bearish divergence was forming in the RSI and the histogram, which was followed by a strong correction. Currently at $428, Ethereum finds itself in the middle of the horizontal resistance, which now serves it as support. The Ethereum price was able to bounce at the golden ratio around $414 and ended the correction to retake its upwards trend. But should this support break as well, Ethereum should find important Fibonacci support levels between $360 and $380, and in extreme cases around $315 an important golden ratio support.
As long as one of these levels hold, the Ethereum price could again be on its way to the $550 mark!
Ethereum Price Predication – only a small correction?
In the weekly charts the EMAs are on their way to form a golden crossover. This would indeed be extremely bullish for the Ethereum price!
At the moment it seems like ETH has only entered a small correction, before it soon continues its bull trend!
The $550 bullish target is only 41% away from ETH’s current price.
Ethereum Price Forecast – The monthly chart is still bullish!
The current September monthly candle is looking very bearish. However, we are still in the beginning of the month. Ethereum has a lot of days of price action left until the final monthly candle is formed, which could drastically change its shape come end of the month! the MACD is still signaling an upwards trend, while the histogram is still developing in bullish manner and the MACD lines remain crossed bullishly.
The RSI isn’t showing any sell signals, as there is still ample room for the RSI to go up before we reach overbought regions.
Ethereum Price Forecast – Only 6% under our price target!
Ethereum kept rising strongly after our price prediction, and is now about 6% below the 0.382 Fib level at = ±0.043 BTC. The „±“ symbol is used to indicate a variation of 1-10%!
Although a bearish divergence is currently forming in the RSI, the ETH/BTC trend is still very bullish for the medium-term. Should the Ethereum price correct now, it would find important Fibonacci support at ±0.031307 BTC! Meanwhile the resistances at ±0.043 BTC and ±0.059 BTC are the next bullish price targets
Best Regards and successful trading
Konstantin
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