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.
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.
Conclusion
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.
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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