Ethereum Price Analysis: Ethereum Fluctuates Above $380, Uptrend Uncertain


Key Highlights
Ethereum has retraced to $380 low
The coin is consolidating above the current support

Ethereum (ETH) Current Statistics
The current price: $390.07
Market Capitalization: $43,803,253,846
Trading Volume: $9,147,707,922
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis August 23, 2020
Ethereum is trading at $389 at the time of writing. Since August 21, the coin has been consolidating above $380 support. The current support is holding as sellers are unable to break the support since August 1.

The upward move is likely to resume since the support is holding. A strong bounce above the support will propel the price to resume the upward move. A retest at $440 is likely. If price breaks the resistance, Ether will rise to $480 high. On the other hand, where the bulls fail to break the resistance, ETH may fall or be compelled to a sideways move.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether price has fallen and found support above 26-day EMA. The downtrend will resume if the price breaks below the EMAs. The coin is at level 52 of the Relative Strength Index period 14. It indicates the price is in the uptrend zone and likely to rise.

ETH/USD – Daily Chart

For now, the price action is still the same. The coin will rise and retest the $440 resistance. The uptrend is still intact. The volatility is low as the price movement is insignificant. Nonetheless, the crypto is consolidating above $380 support.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.