Ethereum increased b a strong 7% over the past 24 hours of trading as the cryptocurrency rises into $245. It had previously dropped by 22% after rolling over at the $280 level to fall into support at $217 which allowed it to rebound.
The cryptocurrency has seen a very strong surge of positive growth in 2020 and, despite the previous 22% price breakdown, the cryptocurrency is still up by over 96% since the start of 2020.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Since the previous ETH analysis, we can see ETH continued to drop beneath support at $220 to stabilize at the downside 1.414 Fibonacci Extension level at $217. Upon reaching this support, ETH rebounded and started to climb higher.
In yesterday’s trading session, ETH increased by a total of 7% as it surged from the $228 support to reach a high of $245. The buyers have taken a little break today, however, we can expect this bullish pressure to continue.
Short term prediction: NEUTRAL/BULLISH
Ethereum is still neutral at this moment in time but a break above the $250 level would allow the makings of a bullish trend to begin to form.
If the buyers do push higher, the first level of resistance lies at $248 which is provided by a bearish .5 Fib Retracement level. Above this, resistance lies at $250, $257 (bearish .618 Fib Retracement), $271 (bearish .786 Fib Retracement), and $280.
On the other side, if the sellers push lower, support can be found at $240, $228, $220, and $217. If they break $217, the market would turn bearish and we can expect additional support at $206 (downside 1.618 Fib Extension) and $200.
Key Levels
Support: $240, $228, $224, $220, $217, $212, $210, $206, $205, $201, $201, $200, $180.
Resistance: $245, $248, $250, $275, $270, $280, $300.
