Ethereum got support and hits $430

31.08.2020 13:07:48

Yesterday Ethereum received support from buyers and was able to easily break up the $400 resistance level. Moreover, the ETH/USD pair managed to rise above $420. Ethereum faced resistance around $430 and bounced back to $420. Today Ethereum bulls were able to overcome the resistance level of $430 and at the time of publication, the ETH/USD pair is trading at $433. As a result, the ETH/SUD pair rallied above the simple 100-hour simple moving average. And it looks like the bulls are targeting the $445 level.

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Even though Ethereum is trading above $430, this level still provides resistance. And to continue further growth, the ETH/USD pair needs to close above $430. The next key resistance is likely the area of $445- $450.

If the ETH/USD pair fails to close above $430, there is a possibility of a new downward correction. However, the $420 level will provide enough support to stop the correction.

If the bears manage to break down the $420 level, the next immediate support is located at $406.

Major Support Level - $420

Major Resistance Level - $430

The RSI indicator has entered the overbought zone and signals that the bulls are unlikely to overcome the $440 level the first time.