Ethereum (ETH) Attempts to Jump the Next Major Hurdle at $420
Oct 26, 2020 at 12:26 //
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Ethereum (ETH) price analysis, October 26, 2020. Ethereum price upward move is stuck below the $420 resistance as the bulls were compelled to a sideways move. In other words, Ether is fluctuating between $403 and $420.
Ethereum Price Long-Term Analysis: Bullish
Buyers have retested the $420 and $416 resistances to break above it. Today, the biggest altcoin is trading at $406 and it is above the critical support.
The crypto has one more hurdle to jump before the resumption of the upside momentum. A break above the $420 resistance will propel Ether to rally to $475 high. However, the coin will face minor resistance at the high of $440. Conversely, if the bullish scenario fails, sellers may take advantage to break below $400 support. This will portend negatively for the coin.
Ethereum Indicator Analysis
Ether is still above the 80% range of the daily stochastic. There is a likelihood of a downward movement of the coin. The moving averages are sloping northward indicating the upward move. Despite the retracement, the RSI indicates that the coin is in the uptrend zone. It is also capable of rising.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
Ethereum is trading in the bullish trend zone. The crypto has been hovering above the critical support for a possible upward move. Nevertheless, the coin will rise based on the recent uptrend.
On October 15, a retraced body tested the 61.8 Fibonacci retracement level. With this retracement, the market will rise to 1.618 Fibonacci extensions or a high of $433.68.
Disclaimer. This analysis and forecast are the personal opinions of the author 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