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Ethereum Price Prediction: ETH/USD Rebounds Twice to Sustain Above $400, Upward Move Expected

Ethereum (ETH) Price Prediction – August 29
Ethereum bulls have survived the bearish onslaught above $380 support. Buyers have pushed ETH/USD above the EMAs and resumed upward move above $400 support. In the case of ETH/BTC, the coin also rebounded into the previous highs.

ETH/USD Market

Key Levels:
Resistance Levels: $200, $220, $240
Support Levels: $160, $140, $120

ETH/USD – Daily Chart

About 48 hours ago, Ether rebounded above the $380 support; as buyers continued to sustain the upward move above the EMAs or $400 high. The biggest altcoin is now facing rejection at the $405 price level. In the previous price action, ETH was rejected either at $410 or $420 price level. This has been the market situation. On the upside, a rebound above $400 will propel price to break the minor resistance and retest the $440 overhead resistance. In the meantime, the price fluctuates between $380 and $420.

Today, Ethereum is struggling to break into the previous highs. Nevertheless, on August 5 uptrend, ETH was resisted at the $408 price level. The retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the market will reach the 1.272 extension level. The market has earlier reached the recent high. Ethereum will rally above $480 if price retest or break 1.272 extension ($440).

Ethereum Indicator Analysis
The price has broken above the EMAs as the market makes an upward move. This is a positive sign if the bullish momentum is sustained above the EMAs. Ethereum is at level 55 of the Relative Strength Index period 14. The coin is in the uptrend zone and above the centerline 50.

ETHBTC – Daily Chart

Nonetheless, in the ETH/BTC, the coin has broken above the EMAs as price reaches the high of Ƀ0.035000. The coin is presently facing resistance at the recent high. On the upside, if price breaks above Ƀ0.035000, the market will reach a high of Ƀ0.035000. The coin is above 25% range of the daily stochastic. It indicates that the crypto is in a bullish momentum.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.