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Ethereum (ETH) Is Still on Track to Reach 400 USD

October 13, 2020

Ethereum

Talking Points:

  • ETH rejected at 395 USD, leaving 400 USD unobtained.
  • ETH/USD reacts to oversold status, but analysis suggests that the most solid support is between 351 and 361 USD.

Ethereum was closing in on the elusive resistance at 400 USD. However, the major cryptocurrency hit the wall at 395 USD, leaving 400 USD unchallenged. Currently, ETH/USD is wavering around 383 USD in the midst of a continuing retreat.

This momentum began over the weekend starting at the level around 350 USD. ETH rebounded in parallel with Bitcoin as it climbed the levels over 11,000 USD. Most of the cryptocurrencies have reversed from the downward swing seen in September.

Currently, however, the route with less resistance is downwards. The Relative Strength Index (RSI) points heavily downwards, following a reaction from the oversold zone. The first support is expected at 380 USD, but if ETH remains on a downward pattern, then the 50 Simple Moving Average (SMA) at 350 USD will prove useful.

The low trading volume implies that the decrease won’t be quick. Therefore, buyers have the opportunity to make barriers at higher levels, ideally at 380 and 390 USD.

ETH/USD 4-hour chart

Ethereum
Chart created using https://www.tradingview.com/

As indicated by IntoTheBlock’s IOMAP model, ETH has no major resistance ahead. Nonetheless, if buyers neglect to discover a balance at a higher level, the token may be compelled to find shelter at the vital support level between 351–361 USD. Where previously, almost 996,000 traders brought nearly 14.4 million ETH. The buyer congestion in this area is sufficiently able to absorb the selling pressure in the event of continued losses.

A rebound from the support will probably give ETH a predicted lift towards 400 USD. Then again, ETH is unable to break itself free from the bulls’ grasp despite the fall from 395 USD. The increasing gap between the 50 SMA and the 100 SMA implies that buyers are in control, at least at the moment anyway. Additionally, analysis indicates that ETH has a clear route to 400 USD.