Ethereum (ETH) Price Analysis: Ether Slumps to $382 Low, Risks Further Decline

Ethereum (ETH) Price Analysis: Ether Slumps to $382 Low, Risks Further Decline

Key Highlights
Ethereum faces rejection at $420, may drop to $382
Ether will reach a low of $320 if the selling pressure persists

Ethereum (ETH) Current Statistics
The current price: $387.56
Market Capitalization: $43,869,223,825
Trading Volume: $17,057,619,506
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 28, 2020
Ethereum is on a downward move after failing to break the resistance at $420. The coin has been on a downward move after the rejection at the recent high. Today, the coin has fallen and reached a low at $382. On the downside, if the bears break below the $380 support, the downtrend will resume. The crypto will drop to the low at $320. On the other hand, if the $380 support holds, the uptrend will resume. Buyers will push the price upward and attempt to revisit the previous high.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price has fallen to the support above the 21-day SMA. A break below the SMAs will mean a further downward movement of the coin. The biggest altcoin is below the 80% range of the daily stochastic. It indicates that the coin is in a bearish momentum.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum is trading above the critical support at $380. The Fibonacci analysis will hold if the bears break the $380 support. On October 26 downtrend; the retraced candle tested the 38.2% Fibonacci retracement level. It indicates that the market will fall to a level 2.618 Fibonacci extension. That is at the low of $321.41.




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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.