Ethereum saw a strong 20% price increase this week after breaking above resistance at the $145 level. The cryptocurrency continued to rise higher to meet resistance at $172 which is provided by a bearish .5 Fibonacci Retracement level.
Since reaching this level of resistance, Ethereum has rolled over and dropped to the $169 level, however, the buyers still remain in control.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Since our previous ETH analysis, we can see that Ethereum continued to drive higher above the previous resistance at $145. It went on to rally as it broke above resistance at $160 to reach as high as $172 where it met the resistance at bearish .5 Fibonacci Retracement level.
Over the last 4-days, the cryptocurrency has battled with this level as it struggles to comfortably break above. It did run higher into the $177 resistance (1.414 Fib Extension) but quickly retreated back beneath $172.
Today, ETH dropped beneath the $172 resistance to trade at $169, however, with the RSI above the 50 level, the buyers still remain in control of the market momentum.
Short term prediction: BULLISH
ETH can now be considered as bullish in the short term and would need to drop back beneath $160 before turning neutral.
If the buyers managed to close above $172, the first level of resistance is located at $176.50 (1.414 Fibonacci Extension level). Above this, resistance lies at $180, $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
Toward the downside, the first level of strong support lies at $160. Beneath this, support lies at $150, $145, $140, and $135.
Key Levels
Support: $160, $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.
