Ethereum (ETH) Sustains Upward Rallies, Battles Resistance at $400


Key Highlights
Ethereum will revisit the high of $420
Ethereum risks downtrend if the $360 support fails to hold

Ethereum (ETH) Current Statistics
The current price: $392.06 
Market Capitalization: $43,930,299,998
Trading Volume: $12,648,305,114
Major supply zones: $280, $320, $360
Major demand zones: $160, $140, $100

Ethereum (ETH) Price Analysis August 5, 2020
For the past four days, Ethereum has been consolidating above $360 but below $400 resistance. This price action is caused by the recent sharp decline from the $420 resistance. The price is consolidating because buyers and sellers are undecided about the next move of Ether. Today, the market is consolidating above $360 but buyers are retesting the recent high to push ETH above the recent high. Ethereum has a chance to move because prices are well above the EMAs.

On the upside, if price breaks the $400 resistance, the market will rise to $420 but the coin will face minor resistance at $415. The biggest altcoin will achieve subsequent move once the $420 resistance level is cleared. Conversely, if the bears break below the current support at $360, it will show that Ether is weak and the coin will fall to $320 low. This can bring a change in the trend.

ETH/USD – Daily Chart

Ethereum (ETH) Technical Indicators Reading
The biggest altcoin is trading in the overpriced region of the market. It is above 80% range of the daily stochastic. The coin is in a strong bullish momentum. The SMAs are sloping northward indicating the uptrend. The market will rise as long as price is above the EMAs.

ETH/USD – 1 Hour Chart

Ethereum uptrend is intact as price bars are above the EMAs. The coin is trading above $380 at the time of writing. In the August 4 uptrend, price reached a high of $400 and was repelled. A red candle body tested the O.618 Fibonacci retracement. It indicates that the coin will rise and reach the 1.618 Fibonacci extension level. That is, in a couple of days price will reach $415 or $420.

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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.