Ethereum Price Analysis: Ethereum Reaches Bearish Exhaustion, Consolidates Above $300 Support

Ethereum Price Analysis: Ethereum Reaches Bearish Exhaustion, Consolidates Above $300 Support

Key Highlights
Ethereum falls and reaches the $320 support level
The biggest altcoin is likely to reverse

Ethereum (ETH) Current Statistics
The current price: $329.86
Market Capitalization: $37,104,087,419
Trading Volume: $31,884,975,797
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis September 6, 2020
Ether has been on a downward move after the breaking of the last crucial support at $380. Today, the market has fallen and reached a low of $329. The downtrend has reached bearish exhaustion. On the upside, if the bulls push price above the $380 support, the upside momentum will resume. Otherwise, Ethereum will be range-bound between $300 and $380. Nevertheless, if the bears break below the $300 support, the coin will further depreciate to $240. This will portend negatively for the coin. The biggest altcoin is consolidating above $300 at the time of writing.

ETH/USD – Daily Chart

ETH Technical Indicators Reading
The price is still below the EMAs which makes the coin vulnerable to fall. ETH is at level 37 of the Relative Strength Index period 14. The coin is approaching the oversold region of the market.

ETH/USD – 4 Hour Chart

Conclusion
Ethereum downward move may have reached bearish exhaustion. The Fibonacci tool has indicated Ethereum’s possible reversal at $320. On September 3 downtrend, the coin fell to $370 and the price was corrected upward. The retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the coin will fall and reach the 1.272 Fibonacci extension level or $320 low. The market has reached that level and we expect a possible reversal.



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