Ethereum Struggles at $390 Resistance, a Breakout Will Signal Significant Momentum
Sep 17, 2020 at 11:06 //
News
Today, Ethereum bulls attempt to reach the $390 resistance and break above it. Soon after surviving the downtrend below $310, buyers have shifted focus on the $390 resistance.
The biggest altcoin is guaranteed upside momentum if the price breaks above the resistance at $390 and subsequently the momentum is sustained. Since September 12, buyers have made three unsuccessful attempts at the resistance. Today, the ETH is falling and approaching the $370 low.
The decline was as a result of buyers’ failure to breach the overhead resistance. However, the decline must not be below the $350 support, so that buyers can resume a fresh uptrend. A break below $350 will mean the revisiting of the previous lows. Nevertheless, it will portend negatively if sellers break below the $310 support level. Meanwhile, the crypto has resumed an upward move on the upside.
Ethereum indicator analysis
Ether price attempts to break above the EMAs. A break above the EMAs will accelerate price movement on the upside. The coin is at level 56 of the Relative Strength Index Period 14. It indicates that it is in the uptrend zone and above the centerline 50.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
The crypto is making an upward move. The first uptrend on September 14 was resisted at $385 as the price fell to a $355 low. Nonetheless, a retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that ETH will rise and reach 1.272 Fibonacci extensions or the high of $393. Unfortunately, the market will reverse to 78.6 % Fibonacci retracement level.
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
