- Ethereum increased by 2.5% today as it reaches the $195 level.
- The cryptocurrency managed to rebound at the rising support trend line.
Ethereum increased by a total of 2.5% today as the cryptocurrency managed to reach the $195 level. The coin had previously been falling as it dropped from above $200 to reach the $175 support level. There was a combined level of support at $180 provided by the rising trend line and the 100-days EMA which allowed Ethereum to rebound higher.
This rebound now puts the bulls back in the driving seat as they attempt to reclaim the $200 threshold.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Looking at the daily chart above, we can see that ETH dropped from $210 over the weekend as it slipped beneath $200 and landed at the 100-days EMA at around $180. It briefly dropped further beneath this but managed to find support at the $176 level, provided by the .382 Fib Retracement.
We can see that ETH managed to remain above the rising trend line during this drop and it rebounded from here yesterday, preventing the market from dropping into a bearish short term trend.
Short term prediction: NEUTRAL
As ETH is still beneath $200, we can consider the market as neutral right now. The coin would still need to rise higher and break above the resistance at $220 to turn bullish. A closing candle beneath $175 would put Etheruem in danger of turning bearish in the short term,
If the buyers continue to drive ETH higher, the first level of resistance is located at $200. Above $200, resistance is expected at $206 (1.414 Fib Extension), $218 (bearish .786 Fib Retracement), and $224 (1.618 FIb Extension).
Above this, added resistance lies at $235 (bearish .886 Fib Retracement), $240, and $250.
Toward the downside, the first level of support lies at the rising trend line. Beneath the trend line, support is found at the 100-days EMA at $180, $176 (.382 Fib Retracement), and $160 (.5 Fib Retracement).
Support: $180, $170, $160, $155, $150, $145, $140, $135.
Resistance: $200, $208, $218, $223, $235, $240, $250, $260, $280.
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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.