Ethereum (ETH) Price Analysis: Ether Suffers another Setback, Battles the Resistance at $620

Ethereum (ETH) Price Analysis: Ether Suffers another Setback, Battles the Resistance at $620

Key Highlights
Ethereum faces another rejection at $620 high
Ether targets the high of $838

Ethereum (ETH) Current Statistics
The current price: $596.62
Market Capitalization: $68,011,842,808 
Trading Volume: $17,091,672,759
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis December 2, 2020
On December 1, Ether recovered from the earlier breakdown to retest the $620 overhead resistance. The bulls could not break the overhead resistance as the coin fell to $580 support. In the first uptrend, Ether was resisted at $620 and the crypto fell to $485 low.

Ethereum bulls buy the dips as the coin moved up into the second uptrend. If the bulls break the $620 resistance, Ether is likely to rise on the upside. Perhaps, the altcoin will rise and revisit the high of $838 high. Ethereum will be compelled to a sideways move if the overhead resistance remained unbroken.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The 21-day SMA is acting as support. Also, 21-day and 50-day SMA are sloping upward indicating the uptrend. The biggest altcoin is at level 64 of the Relative Strength index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50.

ETH/USD -Daily Chart

Conclusion
The resistance at $620 has been a barrier to the upward movement of the coin. Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. On November 23 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This retracement gives the impression that the uptrend will continue to rise and reach level 2.0 Fibonacci extensions. That is the high of $789.89.


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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.