Ethereum (ETH) Price Analysis: August 30, 2020

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Ethereum (ETH), the second largest cryptocurrency, once again rose above $ 400 this month. Ethereum has passed the $ 400 level, according to CoinMarketCap. The leading altcoin was trading at $ 406 at the time of writing. According to data from the same website, ETH previously broke the $ 400 level this month.

Some of the previous breaks were on 6 August, 14 August and 24 August. ETH remained there for a day after the initial surge above the $ 400 level. The highest level of ETH in August was $ 444 on August 14.

Will the Ascension Continue?

Ethereum surged over 2% yesterday and broke the main $ 400 resistance against the US Dollar. According to analyst Jindal, the ETH price is likely to accelerate further after clearing the $ 408 resistance zone. ETH price is in a positive zone above the $ 400 and $ 402 resistance levels against the US Dollar. There is a strong support near $ 395 and the 100 simple moving average (4-hour).

There was a break above a key bearish trend line with resistance near $ 395 on the 4-hour chart of ETH / USD. The pair is likely to continue to rise after clearing the $ 408 resistance level in the near term.

Ethereum Price Turns Green

After a strong downside correction, Ethereum found support at $ 370 against the US Dollar. ETH price made two attempts to break below the $ 370 support, but the bears failed to gain momentum. As a result, ETH started a strong increase and broke the $ 385 resistance. The leading altcoin opened the doors for more gains above the $ 395 pivot and resistance level. The price climbed above the 50% Fib retracement level of the downtrend from the $ 411 low to $ 370 low.

See Also
Ethereum Founder: “Yield Farming Is Not Sustainable”

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