- Ethereum surged by a further 10% over the past 24 hours of trading.
- The cryptocurrency broke well above the resistance at $247 and continued to climb higher to where it trades at around $272.
The Ethereum bullish rampage continued today with a further 10% increase following yesterday’s 12% increase. The cryptocurrency has now seen a crazy 60% price hike over the past 30-days alone – beating everybody’s expectations for February 2020.
Ethereum is now closing in on the $30 billion market cap valuation as it continues to pull further ahead of XRP. It also managed to penetrate an important level at the 0.025 BTC price against Bitcoin.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can see that XRP broke above the resistance at $247 and went on to continue to break resistance at $250, $260, and $270 to reach the current trading price of around $273. It is struggling at the moment, however, with the underlying bullish pressure, we can expect this level to broken pretty soon.
Short term prediction: BULLISH
Ethereum remains strongly bullish and nobody would deny this. It would need to roll over and drop beneath $200 for this bullish pressure to be invalidated.
Moving forward, if the buyers continue to break past the $271.70 resistance (ETH is struggling here as I write the article), higher resistance is expected at $279. If they can continue to breach $280, resistance lies at $290 (1.272 Fib Extension – green), $298 (long term bearish .5 Fib Retracement), and $300.
Beyond $300, additional resistance lies at $310, $315, and $334.
On the other hand, if the sellers regroup and push lower, support is expected at $260 and $250. Beneath this, additional support lies at $247, $240, $235, $230, and $220.
The RSI continues to trade within extremely overbought conditions, in fact, this is the highest the RSI has been since September 2019. A reversal is expected at some point, however, it is best not to bet against such a bullish trend and, instead, wait for the market to give a sign that the bullish pressure is fading.
Support: $260, $250, $247, $240, $235, $230, $220, $212, $202, $200, $194
Resistance: $271, $278, $298, $300, $310, $314, $334.
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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.