Ethereum (ETH) Price Analysis:ETH Struggles below $380 and $390 Resistances, May Reach the High of $425

Ethereum (ETH) Price Analysis:ETH Struggles below $380 and $390 Resistances, May Reach the High of $425

Key Highlights
Ethereum battles the resistance at $380 and $390 highs
A further upward movement of the coin is expected

Ethereum (ETH) Current Statistics
The current price: $381.58
Market Capitalization: $43,117,889,817
Trading Volume: $12,922,255,056
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 14, 2020
Ethereum is battling the resistances at $380 and $390 to move to the previous highs. Today, buyers push the price to $385 but were resisted as the coin fell to the low at $381 low. The crypto has continued to push into the previous high. On the upside, if buyers push the price above $390 and the momentum is sustained, ETH will rally above $420.

The momentum will extend to the $475 highs. Conversely, if the bulls fail to sustain the current momentum, the bears will break below the $375 support and continue the downward move to the $350 low. However, if the bears break the $350 support it will signal the resumption of the downtrend.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The prices bars are above the SMAs, which suggests that the coin will continue to rise to retest the previous highs. However, if the bears break below the SMAs, the upward move will be interrupted. Also, the coin is still above the 80% range of the daily stochastic. It implies that a further downward movement of the coin is expected.

ETH/USD – 4 Hour Chart

Conclusion
The current upward move of the coin is being hampered because of the resistance at $390. On the October 12 uptrend, the coin was resisted at the $390 high. Nonetheless, the retraced candle body retested the 50% Fibonacci retracement level. This implies that Ethereum will rise and reach the level 2.0 Fibonacci extension level.



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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.