Ethereum Price Analysis: ETH/USD reaches $437, inches away from a new 2020-high
|- Ethereum price is currently around $437 after a notable breakout on August 30.
- Bulls are enjoying a free ride to the upside with very little resistance.
Ethereum suffered an extended consolidation period dropping even below $370 at one point. Eventually, bulls managed to hold a double bottom and bounce back up with a notable breakout above $400 and good continuation.
ETH/USD 1-hour chart
-637344761215315630.png){kind=link}
Bulls have been riding the 12-EMA since August 28 when the hourly chart flipped in favor of the buyers. There have been a few spikes down to the 26-EMA but they were defended. Currently, Ethereum price is way above both EMAs and will encounter very little resistance until the 2020-high at $447 and $450.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.