Ethereum (Eth) Price Analysis: Ether Is Correcting Upward as Bulls Regain Previous Price Levels

Ethereum (Eth) Price Analysis: Ether Is Correcting Upward as Bulls Regain Previous Price Levels

Key Highlights
Ethereum bulls buy the dips at the low of $538.50 low
The biggest altcoin resumes upside momentum as price rises to $560

Ethereum (ETH) Current Statistics
The current price: $567.16
Market Capitalization: $64,648,471,067
Trading Volume: $15,067,006,909
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis December 9, 2020
Yesterday, Ether faces resistance at the $620 resistance zone as the coin fell to $538 low. Immediately, the bulls buy the dips to push the altcoin to the previous highs. Today, Ethereum has risen to a high of $568 at the time of writing.

The upside momentum is likely to resume if the price is sustained above $560. The upside range is between $560 and $620 until a breakout is achieved. Meanwhile, the upward move is facing resistance at the $580 and $590. The candlesticks are displaying long wicks. These long wicks indicate that there is strong buying pressure at a higher price level.

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. On November 30 uptrend; a retraced candle body tested the 78.6 % Fibonacci retracement level. This indicates that the Ether will rise and reverse at level 1.272 Fibonacci extension. That is the altcoin will reverse at $677.17.


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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.