Ethereum Recovers from Downward Correction, but It May Reverse Gains - OhNo "WTF" Crypto

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Ethereum Recovers from Downward Correction, but It May Reverse Gains

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Sep 26, 2020 at 09:30 //

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If the price breaks below $350, the bullish scenario will be invalidated

Ethereum (ETH) price analysis, September 26, 2020. Ether escapes another breakdown as price rebounds above the critical support at $310. Perhaps this is an indication of an upward move.

Ethereum Price Long-Term Analysis: Bullish

Today, Ether has reached a high of $352 which is insufficient to resume the upside momentum. To resume the upside momentum, buyers must push the price above the $380 support. 

Ethereum is likely to rise and the momentum will extend above $400 if buyers are successful above $380 high. This recent move will also put an end to the downward correction. Meanwhile, Ether is trading above $350 support, which guarantees the continuity of the upward move. However, if the price breaks below $350, the bullish scenario will be invalidated.

Ethereum Indicator Analysis

The current upward move is facing resistance at the 12-day EMA. The upward movement will be made possible if price breaks above the EMAs. Otherwise, ETH will fall or resume a sideways move. The coin is also approaching the resistance line of the descending channel. The coin will continue the upward move if the price breaks and closes above it.

ETH_-_Coinidol_(1).png

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

Key Support Zones: $160, $140, $120

What Is the Next Direction for Ethereum?

There are chances that the market will rise if the current momentum is sustained. On September 12 uptrend; the retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the market will rise and reach the 1.272 Fibonacci extension level or the high of $407.27. Later, the coin is likely to reverse and return to the 78.6% retracement level where it originated.

ETH_-_Coinidol_2_chart_(1).png

Disclaimer. This analysis and forecast are the personal opinions of the author 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