Ethereum Reaches Brink of Breakdown, Battles to Remain Above $310
Sep 24, 2020 at 10:37 //
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Ethereum cryptocurrency (Ether, ETH) price analysis, September 24, 2020. Ether has fallen to $313 low before pulling back to $325 high. The market is gradually approaching the support at $310.
Ethereum Price Long-Term Analysis: Bearish
Now Ethereum coin risks further decline once the $310 support is breached. The crypto will fall to the next support at $260 if buyers fail to defend the current support. Today, ETH is trading at $325 at the time of writing.
ETH is in an upward move as buyers push prices upward. The price must rise above the $350 high or the EMAs to be out of the downtrend zone. On the other hand, if buyers fail to push prices upward, the current support at $310 may be breached. The coin will drop to the next support if the price breaks below the current support level. However, if ETH falls, there will be a possible reversal on the upside.
Ethereum Indicator Analysis
The crypto has fallen below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. The implication is that buyers will soon emerge in the oversold region. This will push prices upward. The EMAs are still pointing downward indicating the current trend.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum's next move will be determined at the $310 support. It is unclear if the price action will extend below the current support. If it does, the Fibonacci tool analysis will hold. That is the coin will fall to the 1.272 Fibonacci extension level or $262 low. At that extension, Ethereum will commence the resumption of an upward move.
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
