Ethereum saw an impressive 12% price increase over the past 24 hours of trading as the cryptocurrency rises to $246.
The cryptocurrency has run into resistance provided by a bearish .382 Fib Retracement
Ethereum saw an impressive 12% price increase over the past 24 hours of trading to bring the price for the coin up above $246. This price increase was largely spurred on by the 6% price hike that Bitcoin saw, however, Ethereum surged further higher against BTC itself to further increase ETH/USD gains.
Ethereum has now seen a very majestic 70% price explosion over the past 30 days of trading and currently holds close to a $27 billion market cap valuation.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
ETH/USD – DAILY CHART – Source: TradingView
Analyzing the daily chart above, we can clearly see the recent price growth witnessed by Ethereum. It broke resistance at $230 and continued to rocket higher into the current resistance at $247. This resistance is provided by a long term bearish .382 Fibonacci Retracement level – measured from the July 2018 high to the December 2018 price low. It is also further bolstered by a short term 1.414 Fibonacci Extension level.
Short term prediction: BULLISH
Ethereum can only be considered as bullish at this moment in time and it would need to fall beneath $200 for this to be invalidated. A drop beneath $170 could possibly turn Ethereum bearish.
Looking ahead, if the bulls manage to break the current resistance at $247, the next level of resistance lies at $250. Above this, resistance is expected at $260 (1.618 Fib Extension), $271, $278, $298 (long term bearish .5 Fibonacci Retracement level), and $300
On the other hand, if the sellers regroup and push ETH lower, immediate support lies at $240. Beneath this, additional support is found at $235, $225, $220, and $212 (short term .382 Fib Retracement). If the sellers continue further lower, added support can be expected at $202 and $200.
The RSI is within extremely overbought conditions, however, the RSI is known to remain in overbought conditions for extended periods of time when the market rallies as it has been doing. A drop beneath 80 on the RSI would indicate that the bullish momentum may be fading slightly.
Support: $240, $235, $230, $220, $212, $202, $200, $194
Resistance: $247, $250, $260, $271, $278, $298, $300.
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