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If Ethereum’s price jumps above $ 400 again, the next target could be $ 430 or even $ 450.
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As long as Ethereum’s price is above $ 300, this cryptocurrency is not in the “sell” zone
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Ethereum miners generated $ 214 million in revenue in October, down from $ 321 million in September
The main trend of this cryptocurrency remains neutral-bullish and Ethereum (ETH) is aiming for $ 400 as the bullish trend continues. Ethereum’s price is still far from ETH price predictions, but if the price rises above $ 400 again, this could be a great opportunity for short-term traders.
Fundamental analysis: volumes should increase
Ethereum’s price has weakened from $ 420 to $ 373 in less than three weeks and the current price is around $ 382. According to the latest news, Ethereum miners generated $ 214 million in revenue in October, down from to $ 321 million in September.
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Despite this, there is no reason to panic and as long as the price of Ethereum is above $ 300 this cryptocurrency is not in the “sell” zone. Ethereum can be a great investment option according to estimates and some forecasts say that this cryptocurrency could be over $ 1000 in the coming years.
The Ethereum network is constantly adding new clients, and the development of applications that interact with this network has never been stronger. The transaction volumes of this cryptocurrency are expected to increase and the customer base is expected to grow even more.
Once that happens, the price of this cryptocurrency will be at much higher levels and Ethereum could be one of the top performers on the cryptocurrency market in the coming period. The rise of decentralized finance (DeFi) is gaining momentum and investors in this cryptocurrency are able to derive revenue from their assets via DeFi tools.
A great team is behind this project, the fundamentals of this cryptocurrency are constantly improving and now may be a good time to trade Ethereum (ETH). The main trend of this cryptocurrency remains neutral-bullish and Ethereum (ETH) is aiming for $ 400 as the bullish trend continues.
Technical Analysis: The bulls focus on breaking out of the strong resistance level at $ 400
According to the rules of technical analysis, the main trend of this cryptocurrency is neutral-bullish.
In this chart, I have marked important resistance and support levels. The major support levels are $ 350, $ 325 and $ 300, $ 400 and $ 450 represent the resistance levels.
As long as the price is above this trend line and the $ 300 support, this cryptocurrency is in the “buy” zone and there is no indication of a trend reversal. If the price falls on the trend line and if we get a “bullish” confirmation candle, it would be a great entry point for short-term traders who are trading with “stop-loss” and “take profit” orders.
The trend line also represents a very strong support level, if the price breaks this trend line it would be a strong “sell” signal and we have an open road to $ 300. If the price jumps above $ 400, it would be a signal. to buy Ethereum and we have the open road to $ 430.
Summary
If you are looking for virtual currencies with good returns, Ethereum can be a profitable investment option according to estimates. As long as the price is above the trend line and the support level of $ 300, this cryptocurrency remains in the “buy” zone and there is no indication of the trend reversal. If Ethereum’s price jumps above $ 400 again, the next target could be $ 430 or even $ 450.
