Ethereum Breaks above $400 Crucial Support as Buyers Engage Next Major Resistance at $440 - OhNo "WTF" Crypto

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Ethereum Breaks above $400 Crucial Support as Buyers Engage Next Major Resistance at $440

#OhNoCrypto

Aug 24, 2020 at 12:19 //

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Ethereum market has taken a breath to determine the next direction

There has been no significant price movement since the crucial $400 support was breached. Rather Ether fell to $380 support and resumed consolidation above it.

Perhaps the market has taken a breath to determine the next direction of Ethereum. The next move of ETH is an upward movement of prices if the $380 support holds. On August 13, ETH rebounded above $390 and price rallied to $440 resistance. 

The previous momentum could not break the resistance. Unfortunately, after a retest at the $440 resistance, the crypto encountered a bearish reaction. Today, the market is above $400 support. If ETH rebounds above the current support, it will resume a fresh uptrend to retest the $440 resistance level. Ethereum is expected to attain a new high of $480 high.

Ethereum indicator analysis 

The price bars are above the 26-day EMA which indicates a further upward movement of the coin. The stochastic bands are making a U-turn above 25% range of the indicator. The coin has bullish momentum.

ETH-Coinidol_(3).png

Key Resistance Zones: $220, $240, $260

Key Support Zones: $160, $140, $120  

What is the next direction for Ethereum?

ETH is moving up above the $380 support level. The crypto can have further upward move if the bulls break the $440 resistance. Today, ETH is trading at $407 at the time of writing. A possible retest at the resistance is possible. 

ETH-Coinidol.(2_Chart)png_(3).png

Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow