Ethereum Crashes and Trades in a Tight Range, Battles Resistance at $390
Aug 03, 2020 at 11:16 //
News
Yesterday, Ethereum bulls pushed the altcoin to a high of $415. Ether crashed simultaneously with Bitcoin in the last 24 hours.
In the case of ETH, it dropped to $320 low and immediately pulled above $370 high. Buyers recouped to push above the previous highs but found penetration difficult at the $390 high. Today, the market is consolidating as price rebounds above $370. However, the uptrend is hampered because of the resistance at $390. For the past two days, Ether is trading in a tight range between $370 and $390. Nonetheless, if buyers break the recent resistance, the coin will have accelerated movement in the uptrend.
Ethereum indicator analysis
The recent rallies have contributed as price breaks above the support and resistance lines of the ascending channel. The current uptrend will continue as long as the price is above the EMAs. Nevertheless, ETH is trading above 80% range of the daily stochastic. It indicates that Ether is in the overpriced region.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
Ether is recovering as the market consolidates above $370. In the August 2 uptrend, ETH was resisted at $415 resistance. A red candle body tested the 0.382 Fibonacci retracement level. It indicates that ETH will rise and reach the 2.618 Fibonacci extension level. The coin will rally to a high of $490.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow