Ethereum (ETH) Price Analysis: Ether Is in a Sideways Move, Fluctuates Between $540 and $580

Azeez Mustapha
14 December 2020 | Updated: 14 December 2020

Key Highlights
Ethereum is in a sideways move below the $620 resistance zone
The crypto fluctuates between $540 and $580

Ethereum (ETH) Current Statistics
The current price: $584.49
Market Capitalization: $66,511,141,315 
Trading Volume: $10,126,712,486
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis December 13, 2020
Today, Ethereum is falling after retesting the $600 resistance zone. For the past three days, the crypto has been fluctuating between $540 and $580. Buyers have been able to sustain the price level above $560 high. In the previous price action, the upside momentum resumes when the price is sustained above $560 high. Ether is trading at $584 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The altcoin is at level 54 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The price bars are above the SMAs which indicates a further upward move.

ETH/USD -4 Hour Chart

Conclusion
According to the Fibonacci tool, Ethereum is likely to move up but the uptrend will be shortlived. Meanwhile, the Fibonacci tool has indicated an upward move of Ethereum. On November 30 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. This gives the impression that Ether will rise to level 1.618 Fibonacci extensions or the high of $729.31.


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Azeez Mustapha

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.