- Ethereum rose by 3.5% today as the cryptocurrency returns to the $285 resistance level.
- Ethereum is now the strongest performing top 10 cryptocurrency project over the last week of trading.
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
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.
Support: $256, $250, $247, $240, $235, $230.
Resistance: $271, $278, $285, $290, $298, $300, $310, $314, $334.
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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.