After a brief slow down in pace, ETH continued to rise by 5% to reach the resistance at $285 before rolling over. The cryptocurrency has since dropped back into the support at $280.
Ethereum has been the second strongest performing top 10 cryptocurrency over the past 30-days after increasing by a total of 76%. It was only beaten by Tezos which increased by 152% over the same period.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Ethereum continued to rise past the resistance at $271 as it reached as high as $285. It looks to be well on the way toward $300 and is unlikely to stop until it reaches this level.
Short term prediction: BULLISH
Ethereum remains bullish with only a drop beneath $220 changing the market into a neutral trading condition.
If the sellers continue to push beneath the current support at $278, the next level of support lies at $271. Beneath this, additional support lies at $260, $256 (.236 Fib Retracement), and $250. IF the selling continues, added support lies at $240, $235, and $225.
On the other hand, if the bulls can rebound at $278 and continue above $285, resistance is expected at $290 (1.272 FIb Extension). Above this, resistance lies at $298 which is provide dby a long term bearish .5 Fib Retracement and bolstered by a short term 1.414 Fib Extension.
If the bullish pressure continues to drive ETH above the $300 level, higher resistance lies at $310 (1.618 Fib Extension), $315, and $334.
One important technical indicator to highlight is the incoming cross of the 100-days EMA above the 200-days EMA. If this crossover happens, this will send a very strong signal to the bulls that a longer-term trend is about to form over the following few months.
Key Levels
Support: $279, $271, $260, $250, $247, $240, $235, $230.
Resistance: $285, $290, $298, $300, $310, $314, $334.
