Ethereum (ETH) Price Prediction for October 12

The weekend has started positively for most of the coins, according to CoinMarketCap.

ETH/USD

The rate of Ethereum (ETH) has increased by 1.41% over the last 24 hours.

On the hourly chart, the price of ETH is near the local resistance of $2,467. If the daily candle closes around it, one can expect a level breakout, followed by a move to the $2,500 zone.

On the bigger time frame, traders should focus on the level of $2,466. If buyers can hold the gained initiative, the accumulated energy might be enough for a breakout, followed by a move to the $2,520-$2,600 range soon.

From the midterm point of view, the picture is less positive. The rate of the main altcoin is in the middle of the wide channel.

If nothing changes by the end of the week, ongoing sideways trading in the area of $2,400-$2,600 is the more likely scenario.

Ethereum is trading at $2,462 at press time.

Source