Ethereum saw a 10% price increase this week after it rebounded from support at around $150 to reach the current resistance at around $176. The resistance here is provided by a short term 1.414 Fib Extension level and ETH must overcome this to travel higher.
The cryptocurrency had traded at $176 earlier during the month but failed to overcome the resistance which caused it to roll over and drop into the support at a rising trend line.
Once $176 is cleared, ETH should have the potential to continue higher and reach the $200 level which will be the first time since mid-March 2020.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see ETH rebounding from the rising support trend line at around the $150 level. It went on to climb marginally above resistance at $172, provided by a bearish .5 Fibonacci Retracement level that is measured from the March high to the March low.
The cryptocurrency struggled at this resistance earlier in the month which had caused it to roll over and drop as low as $150. However, if ETH can clear this resistance on the second attempt, we can expect the cryptocurrency to start to surge higher toward $200.
Short term prediction: BULLISH
Once $176 is cleared, the first level of higher resistance lies at $180. Above this, resistance is located at $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200. If the bulls climb above $200, higher resistance then lies at $218 (bearish .786 Fib Retracement) and $235 (bearish .886 Fib Retracement).
On the other hand, if the sellers step in and push the market back beneath $170, support is located at $160. Beneath this, added support lies at $153 (.236 Fib Retracement), $150, and $141 (.382 Fib Retracement).
Key Levels
Support: $160, $155, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76.
Resistance: $172, $176, $180, $191, $200, $205, $210, $213, $220, $227.
