- Ethereum increased by 1.5% as the coin managed to reach the $199 level today.
- The cryptocurrency is back in the bullish zone after the RSI managed to rise above the 50 level.
Ethereum went on a small 1.5% price hike today as the coin increases to the $199 level. It had actually managed to surge as high as $206 today but has since dropped back beneath the $200 level to the current $199 level.
Despite the drop back beneath $200, the RSI has managed to climb back above the 50 line to signify that the bulls are back in control of the market momentum moving forward. We must still wait for a close above $200 to confirm that the buyers are willing to drive Ethereum higher.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Looking at the daily chart above, we can see that Ethereum managed to rebound from the rising support trend line over the past few days. It had previously dropped from around $210 to fall as low as $180 over the weekend but the bounce at the rising trend line prevented the market from slipping into the bearish territory.
Today, Ethereum managed to push higher from $199 to reach as high as $206. However, it seems that the sellers have started to step back in as they pushed the market back beneath the $200 level.
Short term prediction: NEUTRAL
ETH still needs to cleanly close above $220 to turn bullish now and would have to drop beneath the support at $170 to turn bearish.
If the bulls continue to drive back above $200, the first level of resistance is located at 4208 (1.414 Fib Extension level). This is followed by resistance at $218 (bearish .786 Fib Retracement) $223 (1.618 Fib Extension), and $235 (bearish .886 Fib Retracement).
On the other side, if the sellers push lower, the first level of support lies at $191. This is followed by support at the rising trend line. Beneath the trend line, support is located at $180 (100-days EMA), and $175 (.382 Fib Retracement).
The RSI recently broke back above 50 to show that the buyers are attempting to regain control of the market momentum.
Support: $190, $180, $170, $160.
Resistance: $200, $208, $218, $223, $235.
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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.