Ethereum Holds Above $450 Support, Upside Momentum Likely

Nov 09, 2020 at 12:30 // News
Coin Idol
Ethereum bulls found the recent high at $460 difficult to penetrate

Ethereum rallies reached its peak at a high of $467. At the $470 resistance zone, buyers could not sustain the uptrend. Consequently, Ether dropped to a $430 low.

After the breakdown, the price was corrected upward to $460 high. The bulls found the recent high at $460 difficult to penetrate. In the meantime, if the bulls sustain the price momentum above $450 support, the upside momentum will resume. 

Presently, the coin is fluctuating between $430 and $460. Possibly, the coin will encounter a breakout or breakdown, if the current fluctuation persists. The biggest altcoin may slump to a low of $380 low if the bears break below $430 support. On the contrary, if the bulls break the $460 resistance, ETH will reach a high of $488. Nevertheless, Ether is trading at $453 at the time of writing.  

Ethereum indicator analysis

Ether has fallen to level 66 of the Relative Strength Index which indicates that the coin is still in the uptrend zone. It is above the centerline 50. The price is currently fluctuating above the resistance line of the ascending channel. The crypto will resume a downward move if the price breaks below the resistance line.

ETH chart.png

Key Resistance Zones: $440, $460, $480

Key Support Zones: $160, $140, $120

What is the next direction for Ethereum?

There are chances of a further upward move if the bulls break the $460 high. On November 7 uptrend; Ether was resisted at $467. The retraced candle body tested the 61.8% Fibonacci retracement level. This indicates that the coin will rise and reach level 1.618 Fibonacci extensions. In other words, it will reach a high of $525.25. 

ETH chart.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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