Ethereum Price Analysis: Ethereum Resumes Uptrend, Targets a New High of $560

Ethereum Price Analysis: Ethereum Resumes Uptrend, Targets a New High of $560

Key Highlights
Ethereum rebounds attempt to retest the $440 overhead resistance
Ether targets the high of $560

Ethereum (ETH) Current Statistics
The current price: $405.06
Market Capitalization: $45,524,303,208
Trading Volume: $9,432,951,618
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis August 30, 2020
On August 28, Ether rebounded above $380 support as price breaks above the EMAs and $400 support. This is a positive sign as the sustained move can break the minor resistances and eventually retest the $440 overhead resistance. As price continues its upward move, it may face resistance at the $410 and $420 high. The market will continue upward if the recent uptrend is sustained. On the other hand, if ETH faces rejection at either $420 or $410, the coin will fall or resume a sideways move below the resistance. Today, ETH is trading at $406 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price is above the 50- day SMA but approaching the 21-day SMA. ETH will rise if price is above the SMAs. The coin is in a bullish momentum as it is above the 25% range of the daily stochastic. Buyers are expected to emerge at the oversold region.

ETH/USD – Daily Chart

Conclusion
Ethereum is making a positive move attempting to retest the $440 overhead resistance. On August 14 uptrend, the coin reached the $440 high and was resisted. A retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that Ethereum will break the overhead resistance and reach a high of 2.618 Fibonacci extension level. That is the high of $560.


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