Ethereum has seen a small price decline totaling -0.45% over the past 24 hours of trading. The cryptocurrency is currently trading hands at a price around $209.08 after seeing a 7-day price hike totaling +5.55%.
- Ethereum has recently cracked up above the $200 once again.
- The market met resistance at the .5 Fibonacci Retracement level priced at $212.80.
- Support moving forward; $202, $200, $197, $194, $188, $184, $180, $171.
- Resistance moving forward; $212, $222, $225, $229, $234, $245, $253, $266.
Ethereum is still ranked in 2nd position in terms of overall market cap across the entire industry. It currently holds a total market cap value of $21.41 billion after suffered get a rough 90 day trading period where price action dropped a steep -45%.
The 39-month-old coin is now trading at a value that is 85% lower than the ATH price.
Let us continue to analyze price action over the short term and highlight any potential areas of support and resistance moving forward.
Ethereum Price Analysis
Analyzing price action over the short term, we can see that Ethereum has recently spiked back up above $200 after suffering a long few days trading below the $200 mark. We can see that the market is still trapped within the range of the previous swing which saw price action start at a low of $167 and rise to a high of $255 during September 2018.
We can see that the recent price hike saw Ethereum meet resistance at the .5 Fibonacci Retracement level priced at $212.80. As the market reached this area the buyers ran out of steam causing price action to retrace slightly.
Moving forward, in our bullish scenario, if the buyers can push price action above the resistance at $212.80 we can expect immediate higher resistance to be located at the .382 Fibonacci Retracement level priced at $222.78. Higher resistance above this can then be expected at the short term 1.414 and 1.618 Fibonacci Extension levels (Drawn in purple) priced at $229 and $234 respectively.
If the bulls can press up further higher then more resistance above can be expected at the previous long-term 1.272 and 1.414 Fibonacci Extension levels (drawn in green) priced at $245 and $253 respectively. The last level of resistance above to highlight is at the long-term 1.618 Fibonacci Extension level (drawn in green) priced at $266.
Alternatively on the bearish side of the equation, if the sellers push the market further lower we can expect immediate support beneath to be located at the .618 Fibonacci Retracement level priced at $202 followed by the short-term downside 1.272 and 1.414 Fibonacci Extension levels (drawn in green) priced at $197 and $194 respectively.
If the sellers continue to drive price action even further lower we can expect more support beneath to be located at the .786 and .886 Fibonacci Retracement levels priced at $188 and $180 respectively.
The last level of significant support below to highlight is the downside 1.618 Fibonacci Extension level (drawn in dark blue) priced at $171.34.
The RSI is showing favor to the bulls at this moment in time as it trades marginally above the 50 handle. If it can remain above the 50 handle we can expect this market to continue to rise higher.
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. Reach out to him at [email protected]