Ethereum Price Analysis: Ethereum Declines after Failing to Break Above $480 Resistance

Azeez Mustapha
2 September 2020 | Updated: 2 September 2020

Key Highlights
Ethereum bulls break the $440 overhead resistance, targets $560 high
The altcoin faces rejection at $480

Ethereum (ETH) Current Statistics
The current price: $443.52
Market Capitalization: $49,867,098,122
Trading Volume: $19,786,779,388
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 2, 2020
Ethereum bulls have broken the $440 resistance as price reached a high of $480. The market is retracing from the recent high after which the uptrend will resume. The overhead resistance was broken because Ether rebounded above the $430 resistance to break the overhead resistance. On the upside, if the current momentum is sustained above $440, the next target price is the $560 high. Conversely, if the current retracement persists and breaks below $440 support, the market will drop to $440 support. Today, Ethereum is trading at $471 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The biggest altcoin is above 80% range of the daily stochastic. The coin has reached the overbought region of the market. The crypto is facing resistance at the $480 high. Sellers have earlier pushed prices downward. The overbought condition may not hold in a trending market. The price bars are above the EMAs, therefore Ether is likely to rise.

Conclusion
Buyers have broken the major resistance at $440. Price movement is likely to be accelerated on the upside. According to the Fibonacci tool, the retraced candle body tested the 38.2 % Fibonacci retracement level. Therefore the market will rise to the 2.618 Fibonacci extension level. That is, Ether is likely to reach a high of $560.



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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.