Ethereum (ETH) Price Analysis: Ether Is Set for a Larger Uptrend as Market Shows Stability above $560 Support

Key Highlights
Ethereum fluctuates between $560 and $620
Ether is expected to reach a high of $680 if the price breaks the $620 resistance

Ethereum (ETH) Current Statistics
The current price: $598.60 
Market Capitalization: $68,151,928,546
Trading Volume: $12,000,109,790
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis December 7, 2020
Following its failure to break the $620 price level, Ether now fluctuates between $560 and $620. The consolidation near the resistance at $620 is an indication of a possible breakout. The upside range above $560 will continue if buyers sustain the price level.

Eventually, if the bulls break the overhead resistance, Ether will resume a fresh uptrend. The crypto will resume the upside momentum and rally to $800. However, if the bulls fail to break, the sideways move below the resistance will continue. Nonetheless, the upside momentum will be weakened, if the coin falls and the price breaks the $550 support.

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

Conclusion
The bulls have been unable to break the resistance at $620. The Fibonacci tool has indicated a possible rise and reversal of the coin. 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 $678.53.


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