Ethereum (ETH) Price Analysis: ETH Faces Rejection at $420, Fluctuates Between Levels $400 and $420

Key Highlights
Ethereum battles resistance at level $420 high
The coin is likely to reach another high of $434

Ethereum (ETH) Current Statistics
The current price: $415.57
Market Capitalization: $47,020,287,242
Trading Volume: $12,506,980,622
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 25, 2020
Following the breaking of the $395 overhead resistance, Ethereum resumed upside momentum. However, the coin rallied to a high of $420 and was resisted. Since October 22, the upward move has been resisted as the coin resumed a sideways trend below the resistance. On the upside, if the price breaks the current resistance, the coin will resume the uptrend. However, Ether will face another resistance at $440. The coin will rally to $480 if the current resistance is broken.

ETH Technical Indicators Reading
The 21-day and 50-day SMAs are sloping upward indicating the uptrend. Ether has risen to level 65 of the Relative Strength Index period 14. It indicates that the market is in the bullish trend zone. The coin is approaching the resistance line of the ascending channel. A break above it will push the coin upward.

Conclusion
Ethereum will rise after breaking the resistance at $420. The Fibonacci tool analysis has indicated an upward move to level 1.618 Fibonacci extensions. The market will reach another high of $434.55.



Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results