- Ethereum dropped by 2.5% today after struggling at the $172 resistance level.
- The cryptocurrency has surged by a total of 20% this week after rising from $145.
Ethereum saw a strong 20% price increase this week after breaking above resistance at the $145 level. The cryptocurrency continued to rise higher to meet resistance at $172 which is provided by a bearish .5 Fibonacci Retracement level.
Since reaching this level of resistance, Ethereum has rolled over and dropped to the $169 level, however, the buyers still remain in control.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Since our previous ETH analysis, we can see that Ethereum continued to drive higher above the previous resistance at $145. It went on to rally as it broke above resistance at $160 to reach as high as $172 where it met the resistance at bearish .5 Fibonacci Retracement level.
Over the last 4-days, the cryptocurrency has battled with this level as it struggles to comfortably break above. It did run higher into the $177 resistance (1.414 Fib Extension) but quickly retreated back beneath $172.
Today, ETH dropped beneath the $172 resistance to trade at $169, however, with the RSI above the 50 level, the buyers still remain in control of the market momentum.
Short term prediction: BULLISH
ETH can now be considered as bullish in the short term and would need to drop back beneath $160 before turning neutral.
If the buyers managed to close above $172, the first level of resistance is located at $176.50 (1.414 Fibonacci Extension level). Above this, resistance lies at $180, $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
Toward the downside, the first level of strong support lies at $160. Beneath this, support lies at $150, $145, $140, and $135.
Support: $160, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76..
Resistance: $172, $176, $180, $191, $200, $205, $210, $213, $220, $227.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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.