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

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 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.

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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