Ethereum (ETH) Price Analysis: Ether Loses $350 Support as Price Corrected Upward

Ethereum (ETH) Price Analysis: Ether Loses $350 Support as Price Corrected Upward

Key Highlights
Ether resumes downward below $350 support
The coin will reach a low of $312

Ethereum (ETH) Current Statistics
The current price: $348.28
Market Capitalization: $39,309,513,533
Trading Volume: $10,279,076,887
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis October 4, 2020
The current breakdown to $335 low was as a result of the rejection at the $370 resistance. The bulls were attempting to reach the previous high at $390 to break above it. Ethereum would have resumed upside momentum above $390 if the bulls were successful.

Also, the bulls fail to hold the support at $350. Nevertheless, the price was corrected upward to retest the $350 and resumed downward. The downward move as been interrupted by the Doji candlestick indicating that the previous trend is losing strength. The price is now consolidating sideways above the $340 support.

An impending transition of Ethereum (ETH) TO ETH 2.0
The impending transition to ETH 2.0 may cause certain difficulties for investors. Recently an application was filed with the regulator to become an SEC reporting company. Such companies will disclose risk factors that will affect their performance. However, the impending upgrade has not distracted the attention of investors’ interest in the fund. The Trust’s assets have increased for the past year, from $67 million to over $800 million at the time of publication. ETH price has also double with the time frame.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The recent breakdown has made Ether fall into the bearish trend zone. This makes the coin vulnerable to a further downward move.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum downward move has been stalled above $340 support. Eventually, if price breaks above $350, the upward move will resume. Otherwise, a break below $340 will catapult the coin to continue the downward move. A green Candle body tested the 61.8% Fibonacci retracement level. ETH will fall to the 1.618 Fibonacci extension level if the downtrend resumes.


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

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