Ethereum (ETH) Breaks below $280 Support, Makes Upside Correction

Key Highlights
Ethereum corrects upward after falling to the low of $365
Ethereum will reach the high of $480, if a breakout occurs

Ethereum (ETH) Current Statistics
The current price: $372.38
Market Capitalization: $41,759,936,079
Trading Volume: $12,908,990,751
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis August 12, 2020
Ethereum bulls have retested the $400 resistance but fail to break above it. As a result of its inability to break the overhead resistance, the market was in a tight range between $380 and $400. Yesterday, as the price continues its fluctuation, the bears broke the lower price range of $280 and resumed a downward move. The downtrend reached the low $365 and corrected upward. However, if the downtrend persists and price breaks below the $360 low, the market will fall to $320. This will threaten the current uptrend.

Nonetheless, if Ether moves up after price correction, the resistance will be retested again. Certainly, if price breaks the resistance at $400, this will facilitate the resumption of the uptrend. It is estimated that the new uptrend has a target price of $480. Unfailingly, if the bulls fail to break the resistance, the range-bound movement will continue to persist.

Ethereum (ETH) Technical Indicators Reading
As the market falls, ETH is below 80 % range of the daily stochastic. The coin is said to be in a bearish momentum. The market will rise since the price is sustained above EMAs. Meanwhile, the exponential moving averages are sloping northward indicating the upward.

Conclusion
Presently, Ethereum is correcting upward for a possible upward move.
According to the Fibonacci tool, Ether is likely to resume uptrend as the red candle body tests the 0.50 Fibonacci retracement level. At this 0.50 retracement level, Ether will rise to 2.0 Fibonacci extension level or $480 high.


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