Ethereum Price Analysis: Ethereum Bulls Buy the Dips, Trade above $380 Support
Azeez Mustapha
Key Highlights
Ethereum rebounds above $370 support and resumes upward
Buyers are likely to retest the $440 resistance
Ethereum (ETH) Current Statistics
The current price: $386.47
Market Capitalization: $43,414,617,072
Trading Volume: $12,741,970,565
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100
Ethereum (ETH) Price Analysis August 26, 2020
Since the bears broke the support at $400, the price fell to $370 low but price was corrected upward. Since August 1, the crucial support levels of $380 and $400 have been holding. Yesterday, the bulls buy the dips to push Ether above the crucial support level. Today, the biggest altcoin is trading at $385 at the time of writing.
The bulls are attempting to push ETH above $400 so that a retest of $440 resistance can be achieved. The bullish trend will resume once the $440 resistance is broken. Then the coin will reach its target price of $480 or $550. Conversely, when buyers fail to push the price above this resistance, the range-bound movement will continue for a few more days.
ETH Technical Indicators Reading
ETH is at level 51 of the Relative Strength Index period 14. It indicates that the supply and demand are the midpoints of the centerline 50. The price has broken the 12-day EMA but above the 26-day EMA. ETH is likely to rise.
Conclusion
Buyers are attempting to push the price above the crucial support levels of price. On August 14 uptrend, ETH reached a high of $440 but was resisted. The retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that when an uptrend resumes, Ether will rise and reach the 2.618 Fibonacci extension level. This is equivalent to $550 high.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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