Ethereum (ETH) Price Analysis: Ether Sustains Recent Rallies, Consolidates Above $620

Azeez Mustapha
21 December 2020 | Updated: 21 December 2020

Key Highlights
Ethereum is struggling below $680 resistance
Ether has a target price of $800


The current price: $625.94
Market Capitalization: $72,044,435,562
Trading Volume: $14,203,783,976
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis December 21, 2020
After overcoming the $620 overhead resistance, the biggest altcoin has moved up to $670 high. Presently, the crypto is facing resistance at the recent high as the coin resumes sideways move.

Ether is fluctuating between $620 and $680 as the coin faces resistance from the recent high. On the upside, if the bulls break the current resistance, the coin will attain a target price of $800. This is the historical price of April 2018. The coin may fall if the bears break the $620 support.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
Ethereum is above the 80% range of the daily stochastic. The coin is in a strong bullish momentum. There are chances of a further upward move. The price is retracing and if it breaks below the SMAs, a downward move will ensue. Ethereum will rise as the price bars are above the SMAs.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum has continued to make positive moves as it broke the overhead resistance. The coin is testing the $680 resistance to breaking it. On November 23 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. It indicates that the market will rise to level 2.0 Fibonacci extensions or the high of $804.79


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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.