Ethereum (ETH) Price Analysis: Ether rebounds above $335 low, attempts to break $380 high

Key Highlights
Ether resumes sideways move below $380 high
The crypto targets the $420 high

Ethereum (ETH) Current Statistics
The current price: $374.87
Market Capitalization: $42,345,934,018
Trading Volume: $13,892,766,272
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 11, 2020
Ethereum bulls “buy the dips” at the $335 low as the coin continues to rally to the previous highs. The current uptrend is facing resistance at the $380 high. Buyers are facing penetration difficult at the $380 resistance.

The uptrend has been suspended as the coin resumes sideways move below the resistance. The current uptrend is hampered because of the hurdle at $380. On the upside, a break above the $380 resistance will propel the price to rise and reach the $420 high. The sideways trend will continue if the bulls fail to break the resistance.

ETH Technical Indicators Reading
Ether price has broken the resistance line of the ascending channel. It indicates that the price will continue to rise. ETH has broken above the SMAs but not convincingly above the 50-day SMA. It is above 80% range of the daily stochastic. It indicates that the coin is approaching the overbought region of the market.

Conclusion
The crypto is likely to rise as it continues to retest the $380 resistance line. On September 29 uptrend, the coin was resisted but the retraced candle body tested the 50% Fibonacci retracement level. This gives us the clue that the coin will further rise to the 2.0 Fibonacci extension level. That is a high of $426.14.

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