Ethereum has become volatile and corrective, but bulls are still optimistic. Ethereum sustains above $380 psychological support level. Will bulls recover higher in the process? What are the charts and technical indicators are saying? Read more to find further insights into today’s ETH/USD Technical Analysis.
October 30, 2020, | AtoZ Markets – Ethereum is currently trading around $385 area and trying to bounce from $385 to $380 support area. The price is still remaining below the dynamic level of 20 EMA on the intraday chart. As per the current price action, the price may face strong support around $385 to $380 area in the coming days.
Over the most recent couple of days, Bitcoin (BTC) value rallied inside a hair of the $14,000 area, and Ether (ETH) imitated with a comparably solid performance, yet the altcoin failed to hold over the $400 physiological support. Moreover, In spite of the fact that Ether price is underneath $400, data show traders are not stressed over Friday’s options expiry. Investors’ hopefulness has been kept solid in spite of the ongoing decentralized finance (DeFi) dull performances.
In addition, $80 million worth of Ether options are set to expire this Friday. However, there has never been a solid contention for October. First off, this number pales in comparison with the figures for December and March $282 million.
Ethereum Sustains Higher as Investors Not Worried About Options Expiry
Ethereum is currently trading around $385 area and trying to recover upside. However, the price is facing support at the dynamic level of 20 EMA on the daily chart.
Image: Ethereum 4 Hour Chart
According to the 4-hour chart, Ethereum sustains above and currently residing near $385 area. As per the current price action, if the price can have an impulsive bullish candle close above $380 to $385 support, the bulls may recover higher towards $415 to $420 area in the coming days. Alternatively, if the price pushes downside and breaks below $385 to $380 support area with an impulsive bearish candle, the bears may decline towards $360 to $355 area in the coming days.
In addition, the dynamic level of 20 EMA is currently residing above the price. It may work as strong resistance to push the price downside. Also, the bulls may regain momentum if the price can break above the dynamic level in the days ahead. Besides, the MACD lines are currently residing below the 0.00 level. It indicates that bears are still in the market. However, the histogram is gradually moving upward, which indicates that the bulls are trying to regain momentum.
ETH Bulls Are Still Optimistic
According to the daily chart, Ethereum sustains above as bulls are still optimistic. As per the current scenario, the price had a bullish pin bar close above $380 to $385 support area yesterday. So, if the price takes out the last pin bar’s high and had an impulsive bullish candle close, the bulls may sustain the bullish bias towards $415 to $420 area as a first target. The second target will be $490 to $500 area if the price can break above $415 to $420 area in the days ahead.
Image: Ethereum Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price, along with the Kijun line. The dynamic level may act as strong support to push the price upside. Besides, the Kijun line may work as a confluence of the dynamic level in the process.
To conclude, as long as the price sustains above $380 to $385 support area, the bias will remain bullish. A daily close is required to identify the definite momentum in the coming days.