Ethereum (ETH) Price Analysis: ETH Rebounds above $369, Resumes Upside Momentum

Ethereum (ETH) Price Analysis: ETH Rebounds above $369, Resumes Upside Momentum

Key Highlights
Ethereum rebounds above $364 as the coin begins upside momentum
The coin is likely to retest the $395 resistance

Ethereum (ETH) Current Statistics
The current price: $376.62
Market Capitalization: $42,580,385,793
Trading Volume: $10,563,951,832
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 18, 2020
Today, ETH rebounds above $369 support to reach a high of $374. For the past week, Ether has been on a downward move after rejection at the $395 resistance. The biggest altcoin fell and found support above $364 support. This enables the bulls to buy the dips. The upward move has been made possible because of the holding of the support at $350. The uptrend has reached a high of $376. Possibly, the altcoin is likely retest the $390 resistance.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price bars have resumed above the SMAs which suggest a possible rise of the coin. Ether was previously below the 80% range of the daily stochastic. However, the stochastic bands are sloping upward indicating the upward movement of the coin.

ETH/USD – 1 Hour Chart

Conclusion
With the recent bounce above $369, the coin has returned to its bullishness. On October 18 uptrend the coin reached a high of $374 but was restricted. The retraced candle body tested the 50% Fibonacci retracement level. It indicates that there is a likelihood of Ether reaching level 2.0 Fibonacci extensions. This is equivalent to a high of $385.64


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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.