Ethereum Rebounds and Breaks $660 Resistance, Resumes Upside Momentum

Dec 28, 2020 at 14:41 // News
Coin Idol
Ethereum is likely to reach the price level of $838

Ethereum bulls have broken the $660 resistance on December 27 as the altcoin resumed the upside momentum. The coin is approaching a high of $730.

In the previous uptrend, the coin reached a high of $670 but was resisted. The altcoin fell to $550 and made an upward correction. Ether has corrected over a week before breaking the current resistance level. 

With the recent uptrend, Ethereum is likely to reach the April 2018 price level of $838. The market will rise to this level if the current price momentum is sustained. On the upside, the biggest altcoin has no resistance level to contend with. However, the crypto has to break the price levels of April and January 2018.

Ethereum indicator analysis

The crypto is at level 69 of the Relative Strength Index period 14. This indicates that the coin has no room to rally on the upside. Besides, the coin is approaching the oversold region of the market. It is doubtful if the crypto will attain the target price level of $838. 

ETH - Coinidol.png

Key Resistance Zones: $800, $820, $840

Key Support Zones: $440, $420, $400

What is the next direction for Ethereum? 

With the recent breakout, the Fibonacci tool analysis is likely to be achieved. On December 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that ETH will rise and reach level 2.0 Fibonacci extensions. That is Ethereum will reach a high of $806.19

ETH - Coinidol.png 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.

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