Ethereum Price Prediction: ETH/USD Rallies above $400 Overhead Resistance, May Face Rejection at $430

Ethereum (ETH) Price Prediction – August 14
Yesterday, Ether rebounded above $390 support as ETH/USD reached a new high of $430. Unfortunately, the biggest altcoin is facing some resistance at the recent high. The altcoin may likely resume a down move. In the ETH/BTC, the coin rebounded above Ƀ0.034000 and continued the uptrend resumption.

ETH/USD Market

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

ETH/USD – Daily Chart

A strong bounce above $390 became necessary as the biggest altcoin was range-bound for two weeks between the levels of $380 and $400. The recent rebound has taken ETH to a high of $430 but a further upward move is doubtful. First and foremost, the stochastic indicated that price has reached the overbought region. Sellers may emerge to push prices down. According to the Fibonacci tool, a red candle body tested the 0.786 or 78.6% Fibonacci retracement level. It indicates that price will reach 1.272 Fibonacci retracement level or $430 high and may reverse. Nevertheless, if price retraces, it will retrace to 0.786 Fibonacci level or $375 low.

Ethereum Network Hashrate has risen to 20-Month High
The hashrate, Ether price, and fees are activity on the Ethereum blockchain. The hashrate of Ethereum has been increasing because of miner revenues from fees. It is indicated that in a period of Network congestion, users usually compete with one another by attaching higher transaction fees. A new data released from glassnode shows that Ethereum hashrate has risen to a 20-month high. This has brought a lot of controversies as confident traders believe that Ether will continue to rise in 2020.

ETH/BTC – Daily Chart

Nonetheless, in the ETH/BTC, the coin rebounded above Ƀ0.034000 to reach a new high of Ƀ0.036000. Nevertheless, the current uptrend is likely to continue. On August 4 uptrend, a red candle body tested the 0.618 or 61.8% Fibonacci retracement level. This indicates that the market will rise and reach the 1.618 Fibonacci extension level. That is, ETH/BTC will reach another high of Ƀ0.039000. The Relative Strength Index period 14 indicates that the coin is at level 74. That is , the coin is in the bullish trend zone and may rise.

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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.