ETH/USD price could set a new 2020-high above $450

Fibo Quantum

  • Ethereum price is currently at $414 after a decent recovery from a dip below $400.
  • It was looking a bit rough for bulls in the short-term, however, they have managed to bounce back up.

Ethereum price peaked at $446 before an extended consolidation period that had ETH dip below the 12-EMA and $400 but only briefly. 

ETH/USD daily chart

Buyers managed to push Ethereum’s price above $400 again and the daily 12-EMA, currently at 410. The last low of the daily uptrend is still at $365, which means that anything above this level is considered a higher low. For now, the risk of Ethereum shifting into a downtrend is minimal. 

The RSI has cooled off a bit and the MACD has turned bearishly. The overall stance of Ethereum is still bullish in the short and long terms.