Ethereum Bullish Surge Begins After Rising 7% Yesterday – Can We Break $245 And Continue?

07 Mar, 2020

By Yaz Sheikh

Contributor

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.

Read full bio

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Ethereum increased by a strong 7% over the previous trading session to rise into $245.
Ethereum is now up by a total of 96% since the start of 2020.

Ethereum increased b a strong 7% over the past 24 hours of trading as the cryptocurrency rises into $245. It had previously dropped by 22% after rolling over at the $280 level to fall into support at $217 which allowed it to rebound.

The cryptocurrency has seen a very strong surge of positive growth in 2020 and, despite the previous 22% price breakdown, the cryptocurrency is still up by over 96% since the start of 2020.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

cg-ethusd-mar7 — ETH/USD. Source: TradingView

Market Overview

Since the previous ETH analysis, we can see ETH continued to drop beneath support at $220 to stabilize at the downside 1.414 Fibonacci Extension level at $217. Upon reaching this support, ETH rebounded and started to climb higher.

In yesterday’s trading session, ETH increased by a total of 7% as it surged from the $228 support to reach a high of $245. The buyers have taken a little break today, however, we can expect this bullish pressure to continue.

Short term prediction: NEUTRAL/BULLISH

Ethereum is still neutral at this moment in time but a break above the $250 level would allow the makings of a bullish trend to begin to form.

If the buyers do push higher, the first level of resistance lies at $248 which is provided by a bearish .5 Fib Retracement level. Above this, resistance lies at $250, $257 (bearish .618 Fib Retracement), $271 (bearish .786 Fib Retracement), and $280.

On the other side, if the sellers push lower, support can be found at $240, $228, $220, and $217. If they break $217, the market would turn bearish and we can expect additional support at $206 (downside 1.618 Fib Extension) and $200.

Key Levels

Support: $240, $228, $224, $220, $217, $212, $210, $206, $205, $201, $201, $200, $180.

Resistance: $245, $248, $250, $275, $270, $280, $300.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.