Etheruem saw a 3.5% price increase over the past 24 hours of trading which allowed it to climb higher above $270 to return to the previous 2020 resistance at around $285. The cryptocurrency has stalled its growth here but it can be expected to push higher in the short term.
ETH is now the strongest performing top-10 ranked cryptocurrency project after increasing by a total of 11.4%. The closes other project was Tezos, ranked in 10th place, which increased by 10.3%
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
ETH managed to find strong support at around $256 over the past few days, allowing the cryptocurrency to rebound higher. The coin recently bounced back into the resistance at $285 as it attempts to reach $300.
Short term prediction: BULLISH
Ethereum is still bullish over the short term and has to break beneath $220 to turn bearish and this is very unlikely to happen.
If the buyers manage to break above $285, the next level of resistance lies at $290 – provided by a 1.272 Fib Extension level. Above this, resistance lies at $298 (1.414 Fib Extension & bearish .5 Fib Retracement).
If the bulls can continue to break $300, resistance can be expected at $310, $315, $320, and $330.
On the other hand, if the sellers push lower from here, the first level of support lies at $271. This is followed with additional support at $256 (.236 Fib Retracement), $250, $240, and $235.
The RSI is above the 50 level to show the bulls still remain in control over the market momentum, however, it looks to be falling slightly which could be a signal that the bullish momentum is fading. We will closely watch the RSI to see which direction it heads toward next.
Key Levels
Support: $256, $250, $247, $240, $235, $230.
Resistance: $271, $278, $285, $290, $298, $300, $310, $314, $334.
