- Ethereum dropped by a small 1% today as the cryptocurrency faces resistance at $145.
- The cryptocurrency managed to close above the upper boundary of a consolidation pattern yesterday but has failed to break above the $145 resistance.
Ethereum dropped by a small 1% today as the cryptocurrency rolled over from $145 to reach $143. It broke above the upper boundary of a triangle pattern this week after breaking above $140, however, it is now struggling at the $145 resistance.
A break above $145 could set Ethereum up for an epic surge that would likely see it headed above $170 and, perhaps, toward the $200 level. However, $145 and $150 will need to be broken for this to materialize.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we see Ethereum breaking the upper boundary of the triangle at $140 this week as it runs into resistance at $145. The break above this triangle is promising, however, it still needs to close above $145 for a bullish run to kick off.
The fact that the RSI is turning away from the 50 level is slightly worrying as it shows that the sellers are failing to gain some control of the market momentum. We would need to see it headed above 50 if we would like to see a strong rally begin.
Short term prediction: NEUTRAL
Ethereum will still stay neutral until it can close above $145.
Above $145, the first two levels of resistance are located at $145 and $150. Above this, resistance lies at $152 (bearish .382 Fib Retracement), $160, and $172 (bearish .5 Fib Retracement). Following this, resistance lies at $176 (1.414 Fib Extension), $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
Toward the downside, support is firstly located at $140. Beneath this, support lies at $135, $130, $121, $110, $102, and $100.
Support: $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76..
Resistance:, $145, $150, $152, $160, $171, $176, $180, $191, $200, $205, $210, $213, $220, $227.
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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.