- Ethereum saw another 18% price increase today as the cryptocurrency climbs above $150.
- It has since fallen back beneath to trade at $145.
Ethereum saw another 18% price increase today after seeing a 12% price increase yesterday. The cryptocurrency traded as high as $153 before it fell back beneath $150 to reach the current $145 price.
This latest price increase has now broken the previous trading range for Ethereum as the buyers attempt to recover from the March market wipeout. However, the RSI is still well below the 50 level and we should wait for it to break 50 before becoming too optimistic.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Analyzing the daily chart above, we can see that ETH rebounded from the strong support at $110 3-days ago. It then went on to rise higher by 12% yesterday but found resistance at the upper boundary of the previous trading range at $135.
The 18% price hike seen today has now allowed ETH to break above this trading range as it finally climbs back above $150. We can see that it had found resistance around $152 which is provided by a bearish .382 Fib Retracement. It has since fallen from this level to trade at around $145.
Short term prediction: NEUTRAL
The break above $135 has now allowed Ethereum to turn neutral, however, we are still a very long way from turning bullish. If Ethereum was to break back beneath $135 it would turn into a bearish trajectory again.
If the bulls break $150, the first level of strong resistance lies at $152 which is provided by the bearish .382 Fib Retracement measured from the March decline. Above this, resistance lies at $160, $172 (bearish .5 Fib Retracement), $176 (1.414 Fib Extension), and $191 (bearish .618 Fib Retracement). This is followed by resistance at $200.
Toward the downside, the first level of support lies at $135. Beneath this, support lies at $120, $110, and $100.
Support: $135,$120, $116, $110, $104, $100, $92.85, $80, $76..
Resistance:, $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.