Ethereum (ETH) Price Analysis: ETH is range-bound below $370 resistance


Key Highlights
Ether is in a sideways trend for the past five days
Possibly a breakout is imminent

Ethereum (ETH) Current Statistics
The current price: $356.80
Market Capitalization: $40,249,317,062
Trading Volume: $11,822,143,664
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 30, 2020
Following its recent rebound on September 24, Ether has been trading below the $370 resistance. Ether price has been stuck in the resistance zone for the past five days. The bottom line is that if buyers break the resistance zone and push price above $390, Ethereum will be out of downward correction. Perhaps, the upside momentum will resume. Conversely, if the coin faces rejection at the current resistance, the market will fall. The bears may attempt to sink the coin to its previous low at $310.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price is still below the EMAs which suggests that the coin is not likely to rise. Rather, it may fall or the price fluctuations will continue. The coin is at level 47 of the Relative Strength Index period 14. That is, the coin is in the downtrend zone and below the centerline 50.

ETH/USD – Daily Chart

It is not certain the direction of price movement as the coin has been range-bound for the past five days. The Fibonacci tool analysis will hold if Ether falls and price breaks the critical support at $310. The market will continue its fall towards the 1.272 Fibonacci extension or $260 low.

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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.