- Ethereum increased by 7% over the past 24 hours of trading as it tries to get back above $270.
- The cryptocurrency rolled over at $285 and dropped by 17% before this recent bounce higher.
Ethereum had reversed over the past few days after meeting resistance at $285 and a small retracement began. The cryptocurrency went on to drop beneath $240 as it spiked lower, however, it managed to climb back higher and remain above the .236 Fib Retracement support at $256.20.
Ethereum is still up by a mighty 52% over the past 30-days, making it the strongest performing top 5 ranked cryptocurrency.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
We can see that Ethereum rolled over at the resistance at around $285 causing it to drop back beneath $240 briefly. However, we can see it also managed to remain above the short term .236 Fib Retracement support level as it attempts to push higher again.
It is currently battling resistance at $271.
Short term prediction: BULLISH
Ethereum remains bullish and would still need to drop beneath $220 before the bull run is invalidated.
If the bulls manage to break the resistance at $271.20, the next level of resistance is located at $278 and $285. Above this, resistance lies at $290 (1.272 FIb Extension) and $298 (1.414 Fib Extension). The resistance at $298 is further bolstered by a long term bearish .5 Fib Retracement and will require some strong volume to overcome.
If the buyers break $300, resistance lies at $310 (1.618 Fib Extension), $315 (longer termed 1.272 Fib Extension), and $320.
On the other hand, if the sellers push lower, the first level of support lies at $256 (.236 Fib Retracement). Beneath this, support lies at $250, $240, and $237 (.382 Fib Retracement). Additional support then lies at $225, $221, $215, $205, and $200.
The 100-days EMA is attempting to cross the 200-days EMA which would produce a very strong bullish signal. Additionally, the RSI still remains above 50 as the buyers continue to take charge of the market momentum.
Key Levels
Support: $256, $250, $247, $240, $235, $230.
Resistance: $271, $278, $285, $290, $298, $300, $310, $314, $334.
The cryptocurrency rolled over at $285 and dropped by 17% before this recent bounce higher.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
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