Ethereum Rallies Reach Exhaustion as Buyers Recoup to Resume Uptrend

Oct 24, 2020 at 10:55 // News
Author
Coin Idol
Ethereum uptrend is facing minor resistance at $420

Ethereum upside momentum is likely to continue as bulls break the resistance at the $395 high. Expectantly, the market may reach a high of $440 as price movement will face little resistance.

However, the major resistance will resurface at the $440 high. Nevertheless, a break above $440 resistance will catapult the coin to a $480 high.

In the meantime, the uptrend is facing minor resistance at $420 as the price retraces to resume a sideways move below it. The current upward move is likely to continue as price retraces to retest the minor resistance. Besides, the coin is trading in the overbought region of the market. The retracement was caused by sellers attempting to push prices downward. Ether is trading at $412 at the time of writing.

Ethereum indicator analysis

The price is rising and approaching the resistance line of the ascending channel. A break above the resistance line will signal a change in the trend. ETH is above the 80% range of the daily stochastic which means the coin is in the overbought region of the market.

ETH_-_Coinidol_(2).png

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

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

What is the next direction for Ethereum?

Ethereum has resumed uptrend after breaking the resistance at $395. The last retraced candle body on August 12 uptrend tested the 61.8% Fibonacci retracement level. We expect the market to rise and reach a high of 1.618 Fibonacci extensions. That is the coin will reach a high of $433.44.

ETH_-_Coinidol_2_chart_(2).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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