Ethereum Breaks above $400 Crucial Support as Buyers Engage Next Major Resistance at $440
Aug 24, 2020 at 12:19 //
News
There has been no significant price movement since the crucial $400 support was breached. Rather Ether fell to $380 support and resumed consolidation above it.
Perhaps the market has taken a breath to determine the next direction of Ethereum. The next move of ETH is an upward movement of prices if the $380 support holds. On August 13, ETH rebounded above $390 and price rallied to $440 resistance.
The previous momentum could not break the resistance. Unfortunately, after a retest at the $440 resistance, the crypto encountered a bearish reaction. Today, the market is above $400 support. If ETH rebounds above the current support, it will resume a fresh uptrend to retest the $440 resistance level. Ethereum is expected to attain a new high of $480 high.
Ethereum indicator analysis
The price bars are above the 26-day EMA which indicates a further upward movement of the coin. The stochastic bands are making a U-turn above 25% range of the indicator. The coin has bullish momentum.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
ETH is moving up above the $380 support level. The crypto can have further upward move if the bulls break the $440 resistance. Today, ETH is trading at $407 at the time of writing. A possible retest at the resistance is possible.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow