Ethereum Price Analysis: Ethereum Surges Ahead, Faces Rejection at $390 High

Ethereum Price Analysis: Ethereum Surges Ahead, Faces Rejection at $390 High

Key Highlights
Ethereum rises, may reach a new high of $410
Ethereum may retrace and find support above the EMAs

Ethereum (ETH) Current Statistics
The current price: $386.28
Market Capitalization: $43,486,184,295
Trading Volume: $54,261,378,104
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 12, 2020
Ethereum bulls have continued to make a steady move after rebounding above $320. The current momentum should be sustained for the coin to continue its rise. Buyers must sustain price above $395 for the coin to be out of the bearish trend zone. Today, Ether is facing rejection at the $390 resistance. The crypto will fall back into the bearish trend zone if price breaks below $358. On the upside, if the current retracement finds support, ETH will rise to the $400 or $440 highs.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price is attempting to break above the EMAs. If it does, the uptrend will resume. Presently, Ether is above 25 % range of the daily stochastic. It indicates that the coin is in a bullish momentum.

ETH/USD – 4 – Hour Chart

The crypto is making positive moves on the upside. If the current momentum is sustained, the bearish scenario will be invalidated. On September 10 uptrend, the retraced candle body tested the 61.8 % Fibonacci retracement level. The current move is expected to reach a high of 1.618 Fibonacci extension level. or $410 high

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.