Ethereum in Deadlock as It Is Range-Bound between $370 and $395
Oct 15, 2020 at 10:40 //
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Ethereum (ETH) price analysis. October 15, 2020. Following the recent impressive moves by the bulls, buyers are yet to break the $380 and $390 resistances convincingly. This is because sellers have been unrelenting to defend these levels.
Ethereum Price Long-Term Analysis: Bullish
As a result of this deadlock, Ethereum is range bound between $365 and $395. On October 12, ETH rebounded at the $366 low as price broke the resistance levels to reach the $395 high. The upward move was immediately repelled as the coin dropped to $376 low.
Yesterday, buyers pushed the coin above $380 resistance but were repelled. Today, Ether has fallen and it is trading at $377 at the time of writing. On the upside, if buyers push the coin above $390 high and the bullish momentum is sustained, a rally to $488 is possible. On the other hand, if Ether falls and the bears break the $350 support, the coin will further decline to $310.
Ethereum Indicator Analysis
Ether is falling after the recent rejection at $388. On the daily chart, if the price breaks below the moving averages the downtrend will resume. The crypto is below the 80% range of the daily stochastic. This indicates that the coin has bearish momentum. The crypto is falling as a result of rejection at the recent highs.
Key Resistance Zones: $220, $240, $260
Key Support Zones: $160, $140, $120
What Is the Next Direction for Ethereum?
There is a high probability of Ethereum upward move once the resistance levels are broken. On the October 12 uptrend, Ether reached the high of $390 but was repelled. The last retraced candle body tested the 38.2 % Fibonacci retracement level. This gives a clue that the market will rise and reach the level at the 2.618 Fibonacci extension. This is equivalent to $443.06 high.
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
