The main trend of this cryptocurrency remains neutral-bullish and Ethereum (ETH) is eying to $400 as the uptrend continues. The price of Ethereum is still far away from the ETH price predictions but if the price jumps again above $400 that could be a very good opportunity for the short term traders.
Fundamental analysis: Volumes are expected to increase
Ethereum price has weakened from $420 below $373 in less than three weeks and the current price stands around $382. According to the latest news, Ethereum miners generated $214 million in revenue in October, down from $321 million in September.
Despite this, there is no reason to panic and as long the price of Ethereum is above $300 this cryptocurrency is not in the “sell” zone. Ethereum can be a very good investment option according to estimates and some predictions say that this cryptocurrency could be above $1000 in the next several years.
Ethereum network is constantly adding new clients and the development of applications interacting 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 this happens, the price of this cryptocurrency will be at much higher levels and Ethereum could be one of the best performers on the cryptocurrency market in the upcoming period. The rise of Decentralized Finance (DeFi) is gaining momentum and investors in this cryptocurrency are able to gain income from their assets through DeFi tools.
A very good team stands behind this project, the fundamentals of this cryptocurrency are steadily improving and now could be a good time to trade Ethereum (ETH). The main trend of this cryptocurrency remains neutral-bullish and Ethereum (ETH) is eying to $400 as the uptrend continues.
Technical Analysis: Bulls are focused on breaking strong resistance level at $400
According to the rules of technical analysis, the main trend of this cryptocurrency is neutral-bullish.
Data source: tradingview.com
On this chart, I marked important resistance and support levels. The important support levels are $350, $325 and $300, $400 and $450 represent the resistance levels.
As long the price is above this trend line and $300 support this cryptocurrency is in the “buy” zone and there is no indication of the trend reversal. If the price falls on the trend line and if we get a “bullish” confirmation candle it would be a very good 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 way to $300. If the price jumps above $400 it would be a signal to buy Ethereum and we have the open way to $430.
If you are looking for virtual currencies with a good return, Ethereum can be a profitable investment option according to estimates. As long the price is above the trend line and $300 support level this cryptocurrency remains in the “buy” zone and there is no indication of the trend reversal. If the Ethereum price jumps again above $400 the next target could be located at $430 or even $450.
The post Ethereum (ETH) price remains in a bull market. Should I invest? appeared first on Invezz.