Ethereum Gains Bullish Momentum, Set to Jump over $440 Hurdle

Aug 31, 2020 at 09:48 // News
Coin Idol
Ethereum gains bullish momentum

Yesterday, Ether rebounded above $400 support as price broke the minor resistances.

Nonetheless, buyers failed to break the $440 overhead resistance as the coin was respelled at $430 high. The biggest altcoin retraced to $420 support to resume a fresh uptrend. Incidentally, the $420 high was the previous support on August 17, where ETH rebounded to break the $440 overhead resistance. 

Unfortunately, buyers failed to sustain the upside momentum on August 17. Today, if the crypto rebounds and the momentum is sustained, Ethereum will rally above $440. The momentum will extend to $480 of $550 high. Meanwhile, the coin is fluctuating above $420 to resume an upward move. 

Ethereum indicator analysis 

The crypto is rising because the price is above the EMAs. The upward movement will continue as long as price is sustained above the EMAs. Besides, Ether is in a bullish momentum as it is above the 50% range of the daily stochastic.

ETH-Coinidol (1).png

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120  

What is the next direction for Ethereum?

The crypto is getting closer to breaking the $440 overhead resistance. The market will have accelerated price movement when price breaks the overhead resistance. According to the Fibonacci tool, Ethereum will rise and reach the 2.618 extension level or $550 high. This is dependent on breaking the $440 resistance level.

ETH-Coinidol.(2 Chart)png (1).png

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

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