Ethereum Makes a Sharp Fall as Bears Target $320 Support

Sep 05, 2020 at 13:44 // News
Coin Idol
ETH's price is fluctuating above $360 support

Today, sellers have the upper hand as price reaches a low of $368. The biggest altcoin risks further downside as Ether falls into the bearish trend zone.

Since September 2, sellers have broken below the EMAs and retested the $440 resistance and resumed a downward as p move. The bears broke the $400 and $380 support levels but made a retest at $400 high.

Ether has reached a low of $368 and the selling pressure will persist. Today, ETH's price is fluctuating above $360 support. If buyers push the coin above $380, the market will resume a range-bound movement between $380 and $400. On the downside, if the bears break the $360 support, Ethereum will fall to $325 low. The crypto has reached a low of $335 at the time of writing.

Ethereum Indicator Analysis 

Ethereum is already in the bearish trend zone as price breaks below the EMAs. The downtrend can be terminated if buyers push price above the EMAs. The biggest altcoin is below 50% range of daily stochastic. It indicates that the coin is in a bearish momentum.

ETH-Coinidol (2).png

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

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

What Is the Next Direction for Ethereum?

The selling pressure of Ethereum may persist if the bear breaks the $360 support. On September 3 downtrend; the market fell to $380 support. The price retraced and the candle body tested the 78.6% Fibonacci retracement level. This indicates that the price will fall and reach the 1.272 Fibonacci extension level of the low of $320. At this level, the downtrend will be terminated. The market will reverse and return to the 78.6% Fibonacci extension level where it originated.

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

Disclaimer. This analysis and forecast are the personal opinions of the author are 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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