Ethereum Rebounds, Shows Signs of Upside Momentum
Aug 29, 2020 at 11:14 //
News
Today, Ethereum bulls are making an impressive move as the coin breaks above the $400 price level. For the past week, sellers have broken the $380 support thrice, buyers have also corrected upward to prevent the coin from further decline.
Yesterday, Ether rebounded above the $380 support as price rallied above the EMAs and the $400 high. A retest at the minor resistance and the $440 overhead resistance is possible if the bullish momentum is sustained.
In the previous price action, Ether usually faces rejection at the $410 and $420 minor resistances. The upside momentum will continue once these minor resistances are cleared. Eventually, the $440 overhead resistance will be retested or broken. Ethereum will reach a high of $480 when the resistances are cleared.
Ethereum indicator analysis
Ether price has broken above the EMAs, signaling the upward movement of the coin. The biggest altcoin has risen and reached level 56 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and likely to rise.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
The biggest altcoin is set for a positive move as price breaks above the EMAs. The crypto is also rising and approaching the next resistance level. On August 5 uptrend; the retraced candle body tested the 78.6% retracement level. This retracement indicates that the price will reach a high of 1.272 Fibonacci extension level or $440 high. The market will move up again to $480 high.
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
