Ethereum has been hitting resistance at the $400 mark for the past week, with highs at $408 and support at $380. Bitcoin has surpassed $12,000. The question is, will Ethereum finally blast off?
Ethereum saw a 3.4% increase on August 8, 2020 to $389. When traded against Bitcoin, ETH fell from 0.035 BTC to support at 0.0326 BTC.
Ethereum last broke $400 in August of 2018. Currently, ETH has support at $370, $350, and $321 USD. Resistance levels are at $400, $408, and $420. If it breaks $408 it can hit $420 and momentum can take it higher.
If ETH does break $420, it can reach targets at $445 and $463. However if we see a retracement then it could drop to $343 or $300.
In the short term, ETH might break 0.0367 BTC. Generally the bulls appear to be in control this round.
Seymour Nunez is a contributing writer for Cash Tech News who enjoys writing about the intersection of blockchain technology and everyday life.
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