Ethereum (ETH) Price Analysis: ETH Battling Resistance at $160 – Have the Bulls Started To Give Up?

By Yaz Sheikh
Published April 15, 2020 Updated April 15, 2020
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Ethereum (ETH) Price Analysis: ETH Battling Resistance at $160 – Have the Bulls Started To Give Up?

By Yaz Sheikh
Published April 15, 2020 Updated April 15, 2020
  • Ethereum saw a 2% price rise today but is struggling to break above resistance at the $160 level.
  • Ethereum was trading above $170 last week but the recent Bitcoin price drop caused it to roll over and fall.

Ethereum increased by a small 2% today as it bounced from support at around $155 to reach the current resistance at $160. The cryptocurrency has failed to break above this resistance over the past 5-days of trading which is a sign that the coin might roll over soon and head lower.

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On the other hand, if ETH can remain above $155, it would still have the potential to climb higher back toward the $175 resistance level.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see that ETH was struggling to break above resistance at $175 last week which caused the cryptocurrency to roll over and drop. It went on to fall into support at $155 which is provided by a short term .236 Fibonacci Retracement level. 

ETH has now been bouncing between $155 and $160 for the past 5-days of trading as it struggles to break out of this range.

Short term prediction: BULLISH

Ethereum remains bullish in the short term but a break beneath the support at the .236 Fib Retracement would turn it neutral. It would need to fall further lower and break beneath the rising support trend line to turn bearish.

If the bulls manage to break the resistance at $160 we can expect immediate higher resistance at $176 which is provided by a 1.414 Fib Extension level. Above this, resistance is located at $180, $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.

On the other hand, the first level of strong support lies at $155. This is followed by support at the rising support trend line. Beneath the trend line, support is to be expected at $142 (.382 Fib Retracement), $132 (.5 Fib Retracement), and $122 (.618 Fib Retracement).

Key Levels

Support: $155, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76..

Resistance: $160, $172, $176, $180, $191, $200, $205, $210, $213, $220, $227.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Yaz Sheikh
182 Articles
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.

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