HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Ethereum Reaches a “Do or Die” Level as It Flips Key $400 Resistance

Altcoins 2020/08/30 03:00 by Cole Petersen

Ethereum has firmly surmounted its $400 for the first time in a few weeks, with buyers now attempting flip this level into support.

The crypto’s latest upswing has allowed it to outperform both Bitcoin and most other major altcoins significantly

Analysts are widely noting that the cryptocurrency is reaching a decision point, with its near-term trend likely being determined by how it reacts to the resistance that sits at $405.

That being said, a support-resistance flip of $380 could be enough to send it flying significantly higher, with one analyst noting that this could lead to an influx of buying pressure.

Ethereum Shows Signs of Strength Following Break Above $400

At the time of writing, Ethereum is trading up roughly 2% at its current price of $403. This is around the upper boundary of the trading range that the crypto has been caught within in recent weeks.

It is important to note that while the cryptocurrency has struggled to gain a foothold above $400 on multiple occasions in recent weeks, the strong reaction to its $380 support level seems to have reinvigorated ETH’s bulls.

One analyst is now noting that he is closely watching for $400 to be confirmed as support, as a flip of this level from resistance to support could be all that it needs to see significantly further upwards momentum.

“ETH / USD: Seems as though our support level at $380 was once again supported and buyers continue to step in heavily, even though we did bounce back above $400 for a brief minute, $400 still is acting as resistance for now… Expecting pullback to $390 then S/R flip at $400,” he noted.

Ethereum

Image Courtesy of Cactus. Chart via TradingView.

Analyst: ETH Must Surmount $405 to Avoid a Serious Drawback

Another analyst explained that $405 is a significant near-term resistance level for Ethereum.

He believes that a failure for it to surmount this level could cause it to see some significant near-term downside, potentially guiding it as low as $320.

“Good movement on ETH right up into $405. Somewhere around here is the major decision point for me. Narrative based but I don’t particularly like that this move has been pulled at the weekend, fits into my bias,” he explained.

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

Because of the critical nature of this level, how Ethereum trades in the coming few hours are vital for understanding its mid-term outlook.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Altcoins 17/11/19 22:30 by Cole Petersen
Analyst Anticipates Imminent Upside Break for Ethereum
Ethereum’s price action has been closely tracking that of Bitcoin over the past several days and weeks, which has allowed ETH to climb slightly today as it begins consolidating within the mid-$180 r...
Read More
Altcoins 31/05/20 20:00 by Cole Petersen
Why Traders Think Ethereum’s Strength Could Help Bitcoin Rocket Past $10,000
Ethereum has flashed signs of immense strength in recent times, as the cryptocurrency was able to rally to highs of $245 while Bitcoin and most other altcoins only saw tempered gains. Although this up...
Read More
Altcoins 28/07/20 23:00 by Cole Petersen
Analysts Now Expect XRP to See a “Moonshot” Rally After Breaking Crucial Level
XRP’s price has seen some slight gains in recent times but is still lagging behind many of its peers. While Bitcoin, Ethereum, and many altcoins all post intense upswings that have led them into ful...
Read More
Altcoins 31/07/20 22:00 by Cole Petersen
This Indicator Suggests Ethereum is on a “Moon Mission” with a Target of $460+
Ethereum has been seeing some incredibly strong price action throughout the past several weeks, and there’s no end in sight to its ongoing uptrend. The cryptocurrency is currently reaching up toward...
Read More
Altcoins 02/08/20 00:50 by Cole Petersen
Ethereum is Gearing Up for a Move Past $400; Here’s What Will Drive It Higher
Ethereum has seen some intense strength throughout the past couple of weeks, and the strong uptrend it is currently caught within isn’t showing any clear signs of coming to an end anytime soon. As i...
Read More