Ethereum Plunges to $440 Low, Resumes Upside Momentum
Nov 16, 2020 at 13:31 //
NewsFor the past 48 hours, Ethereum has been in a downward move after failing to break the overhead resistance at $480. Yesterday, Ether fell to $440 low but the coin closed above $450 support at the time of writing.
This implies that the biggest altcoin is ready for fresh upside momentum. Since November 6, the crypto has been closing above the $450 price level despite the minor retracements from time to time.
ETH will resume upside momentum once the price is above the SMAs or $450 high. However, after the breakdown on November 14, buyers are still struggling to break above the $460 high. Nonetheless, if the bulls face rejection at the $460 high, the bears are likely to break the $450 support. Incidentally, this will lead to another breakdown. Meanwhile, Ether is trading at $455 at the time of writing.
Ethereum indicator analysis
ETH is at level 59 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone. The price bars are well above the SMAs which shows the capability of the coin to rise. The coin will rise as long as the price is above the SMAs.
Key Resistance Zones: $440, $460, $480
Key Support Zones: $160, $140, $120
What is the next direction for Ethereum?
Ethereum bulls are still holding above the $450 support for possible upside momentum. Nonetheless, a break above $480 will push Ether to reach the $488 and $550 highs. Buyers will have to break the $460 and $480 resistance to attain the new target price. The Fibonacci tool analysis has been tested at the 50% retracement level. This gives us the impression that the coin will rise and reach level 2.0 Fibonacci extensions or the high of $536.14.
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