Ethereum Breaches More Resistance Levels as It Targets the $488 High
Nov 07, 2020 at 13:23 //
News
Following the recent rebound above the $376 low, buyers have not failed to push Ether on the upside. Initially, the uptrend was stuck between $400 and $408.
Nonetheless, the bulls have broken the $408 and $420 minor resistance, paving the way for price acceleration. The biggest altcoin traded and reached a high of $470 resistance zone before pulling back.
Presently, the ETH price is making a series of higher highs and higher lows. The coin reached a higher high of $470 before pulling back. Perhaps when it falls to a lower low of $450, it will resume upward. On the upside, if the bulls sustain the bullish momentum above $450, the next target of the coin will be the $488 high.
Ethereum indicator analysis
Ethereum is now above level 70 of the Relative Strength Index which indicates that the coin has breached the overbought region of the market. The implication is the emergence of sellers in the overbought region. However, in a trending market, the overbought condition may not hold.
Key Resistance Zones: $440, $460, $480
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
Ethereum has reached a high of $457 at the time of the writing. Nonetheless, the indicator is proposing a price of $515.19 in the upside movement. On October 22 uptrend; a retraced candle tested the 38.2% Fibonacci retracement level. This implies that Ether will rise and reach level 2.618 Fibonacci extension which is $515.19 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