Ethereum (ETH) Fluctuates Between $380 and $400 as Massive Uptrend is Likely

Key Highlights
Ethereum is likely to reach $540 high if a breakout occurs
Ethereum consolidates in a tight range between $380 and $400 for a possible breakout

Ethereum (ETH) Current Statistics
The current price: $397.27
Market Capitalization: $44,540,769,360
Trading Volume: $9,546,880,350
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis August 10, 2020
Ethereum is trading at $390 at the time of writing as price consolidation enters a tight range. Previously, Ethereum was consolidating between $360 and $400 as bulls attempt to break the $400 resistance. Today, the market is fluctuating between $380 and $400. This indicates that a breakout is imminent. On the upside, if price breaks the $400 resistance, the crypto will have accelerated price movement.

The breakout will propel price to push Ether to the high of $540. Nevertheless, the first target will be at $420 high. On the other hand, if the bulls fail to break the $400 resistance, the biggest altcoin will be compelled to an indefinite period of a sideways move. Perhaps at the end of consolidation, the market will encounter the earlier anticipated breakout.

Ethereum (ETH) Technical Indicators Reading
Ether has fallen to the support of the ascending channel. Ethereum price will rise if the support line holds. However, if price breaks and closes below the support line, there is a likelihood of a further downward move. The market has also reached level 71 of the Relative Strength Index period 14. ETH will rise as it is in the bullish trend zone.

Conclusion
The current price consolidation may lead to a possible breakout. On August 2 uptrend, a red candle body tested the 0.236 Fibonacci retracement level. Incidentally, it means that the market will rise and reach a high of 4.236 Fibonacci extension level. In other words, price will rally to $540.


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