Ethereum increased by 6.8% today as the cryptocurrency rebounds from the lower boundary of a consolidation pattern. ETH had been falling over the weekend as it failed to break above $140 which caused it to drop into the $130 region before it rebounded higher.
The recent rebound at the lower boundary has prevented ETH from slipping into a bearish trend, however, we still need to break above the triangle before we can even start to be considered turning bullish.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see ETH failing to break the upper boundary of the triangle as it started to roll over during the weekend. Luckily, it managed to find support at the lower boundary which prevented the market from turning bearish in the short term.
The next crucial level that ETH must break above is the $140 region which will then allow ETH to head toward $150 and above.
Short term prediction: NEUTRAL
Ethereum remains neutral in the short term as it trades within the consolidation pattern. However, if it falls beneath the triangle it would be considered bearish. A break above $152 would turn ETH bullish in the short term.
Looking ahead, the first level of resistance to break is located at $135. Above this, resistance is expected at $140, $152 (bearish .382 Fibonacci Retracement level), and $160. If the buyers continue higher, resistance lies at $172 (bearish .5 Fib Retracement), $176, and $191.
On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at $120, $110, and $105.
Key Levels
Support: $120, $116, $110, $104, $100, $92.85, $80, $76..
Resistance:, $135, $140, $150, $152, $160, $171, $176, $180, $191, $200, $205, $210, $213, $220, $227.
