The Etheruem price is displaying good growth, the ETH price has gained almost +12.39% in the last 7 days. At the time of writing this article on October 13, 2020, it is sitting at $385.27 (+5.06%). Let’s take a look at it in more detail.
Ethereum Price Analysis: ETH Price Short-Term
If we closely observe the weekly chart, then it seems that the Ethereum price found support at $320, and climbed straight to the 0.382 Fib resistance at $385. Now, it appears that bulls are displaying a short-term powerful drive. This could be enough to hold the coin above the 26-EMA. Just in the last 24 hours, the ETH/USD price managed to hold the coin above all the three EMAs. Now, if we see the other two EMAs then the Ethereum price is way above the 26 and 50 EMAs.
Now if we closely observe the weekly Parabolic SAR chart then it could be promising. We can see that some dots have formed below the price and are in an upward pattern, this could suggest an uptrend for the Ethereum coin price in the short-term.
Ethereum Price Analysis: ETH Price Could Be Looking At $464 as a bullish price target!
Now, if we closely observe the weekly chart again, if ETH price touched the $400 mark then it could rise to the last price high at $ 489 or the 0.786 Fib $464.24! This could indicate that the trend is bullish in the medium term. Only the MACD lines are still crossed bearishly but that is on the daily chart, but that could soon change. After all, the Ethereum price already rose around 12% percent in the last 7 days.
The bull trend of Ethereum price could be visible in the monthly price chart, it seems that the Ethereum price formed a “higher high”, This means that the Ethereum price could be in a parallel upward channel. The overlying bull target could be sitting between $550- $585.
Now, the ETH price monthly Parabolic SAR chart looks again good. We can see that some dots have formed below and the price and are climbing in an upwardly tilted pattern and these dots are away from the current ETH price. This could be a positive sign for overall Ethereum price progress.
Just 24 hours ago Ethereum successfully drove yet another testnet for the expected Ethereum 2.0 Phase 0, called Zinken. This could play a crucial role in the price drive. At the moment the overall progress of Ethereum price looks promising. The short-term and medium-term growth could be possible because of this successful execution of Zinken.