Ethereum Is in an Overpriced Condition, Battles Resistance at $400

Aug 06, 2020 at 10:53 // News
Coin Idol
Ethereum is in the bullish trend zone

Today, Ethereum is trading above $390 at the time of writing. The biggest altcoin has been facing rejection at $400 after the recent decline.

Buyers and sellers appear to tussle for prices between $360 and $400. Neither buyers nor sellers have the upper hand as price continues its consolidation. Nevertheless, the drive to push on the upside range will be on the side of the buyers as ETH is in the bullish trend zone.

Ether will rise to $480 if buyers succeed in pushing ETH above $400 resistance. In the same vein, if buyers fail to pull through above $400 resistance, the support at $360 may be under threat. Ether will fall to $320 low if the current support is breached. However, the market will continue its consolidation if the key level remains unbroken.  

Ethereum indicator analysis 

Ether is in a strong bullish momentum as it trades above 80% range of the daily stochastic. The market has continued its rallies as prices remained above the EMAs. ETH stands the chance of falling if price breaks below the support line. Likewise, an uptrend is likely if the resistance line is broken.

ETH-Coinidol (2).png

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

Key Support Zones: $160, $140, $120 

What is the next direction for Ethereum?

The biggest altcoin has the chance of rising as it is in the bullish trend zone. The retracement candle body tested the 0.382 Fibonacci level on August 2. The implication is that the price will rise to level 2.618 extension level. That is, the market will reach a high of $490.

ETH-Coinidol.(1 Hour Chart)png.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 own research before investing funds.

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