Ethereum (ETH) Price Analysis: Faces More Downsides as Sellers Attempt to Break the Support at $310
Azeez Mustapha
Key Highlights
Ethereum is in a downtrend, may revisit the low of $310
The king coin may further decline if the $310 support cracks
Ethereum (ETH) Current Statistics
The current price: $340.77
Market Capitalization: $38,409,814,313
Trading Volume: $13,841,563,162
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100
Ethereum (ETH) Price Analysis September 23, 2020
Today, Ether is trading at $340 at the time of writing. Following the failure of the bulls to break the $390 resistance, the bears have taken advantage to break the $380 and $350 support levels. The price is below the SMAs, therefore,there is a likelihood of further downsides. For example, on September 21, the coin fell to $332 low.
The downtrend has resumed again after a retest at the $346 high. The selling pressure may extend to the previous low at $310. This support at $310 has been holding since September 5. If it is broken, the coin will further decline to $260 low. However, if the support holds, Ethereum will resume a fresh uptrend.
ETH Technical Indicators Reading
Ether is falling as the price bars are below the EMAs. The upward move will resume if the price is above the $380 support or the coin rebounds. The coin is trading at level 41 of the Relative Strength Index period 14. It indicates that the coin is in the downtrend zone.
Conclusion
Since the bulls fail to break the $390 resistance, the focus is now at the $310 support level. Since on September 5, ETH fell to the low at $310 and corrected upward. The retraced candle body tested 78.6% Fibonacci retracement level. This explains the market will reach a low of 1.272 Fibonacci extension level or $260 low. This is based on the fact the $310 support will crack.
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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