Ethereum Magic Number $555

Ethereum Magic Number $555

Although it seems Ethereum is going through the wide range trading, the sings of the long-term uptrend continuation are starting to appear. After multiple bounces off the support at $280 area, the price started to move higher and broke above the 200 Moving Average as well as the previous high, made on 16th of October.

Since 15th of September ETH/USD printing higher highs and higher lows suggesting the presence of the uptrend. At the same time price bounces off the uptrend trendline and moving within the ascending channel.

Overall, the bullish trend should continue with the magic number such as $555 being the first upside target. It corresponds with the upper trendline of the ascending channel as well as 527.2% and 827.2% Fibonacci retracement levels applied to corrective waves after the downtrend trendline breakout.

There are two major support levels, first is $345 and second, the key support is $280. Only a break below $280 would be able to change the direction of the Ethereum, which at this point seems unlikely.

ethereum price analysis