Ethereum (ETH) Price Analysis: Ether Breaks $620 Resistance, Resumes Upside Momentum

Ethereum (ETH) Price Analysis: Ether Breaks $620 Resistance, Resumes Upside Momentum

Key Highlights
Ethereum breaks $620 resistance and rallies to $648
The biggest altcoin is falling as it reaches the overbought region

Ethereum (ETH) Current Statistics
The current price: $637.70
Market Capitalization: $72,566,811,029
Trading Volume: $18,700,110,105
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis December 17, 2020
Ethereum bulls have broken the $620 resistance level. Buyers pushed Ether to the high of $648 and pulled back. The current upward move is facing resistance because the biggest altcoin is trading in the overbought region of the market. The crypto will resume an upward move if price retraces and find support above $620. However, the downtrend will resume if the price retraces and break below the $620 support level.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ether price breaks the resistance line of the ascending channel. It implies that the coin has resumed its upward move. The price bars are above the SMAs which indicates a further upward move. Ether is at level 63 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50.

ETH/USD – 3 Hour Chart

Conclusion
The bulls have broken the $620 overhead resistance. Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. In the uptrend of December 13, the 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 $624.62. The price action has indicated otherwise as it reached $648 and pulled back.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.