Ethereum Sees 12% Price Increase In Attempted Recovery

Ethereum saw a 12% price hike over the past 24 hours of trading as the cryptocurrency makes an attempt at $130.
This price increase is largely due to the fact that Bitcoin started to increase.

Ethereum saw a 12% price rise over the last day of trading as it makes its way back toward $130. The cryptocurrency managed to find support at $110 during the March 2020 cryptocurrency collapse and rebounded from here over the past 3-days.

Ethereum will still need to break beyond $135 before we can start to become positive for a recovery, however, the support at $110 does look pretty promising. It remains ranked in the second position as it holds a market cap valuation of just under $14 billion.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

Market Overview

Taking a look at the daily chart above we can see that ETH managed to find strong support at $110 during the recent market collapse. It had dropped from above $250 toward the start of March and spiked as low as $90 during the bearish onslaught.

However, the support at $110 has been preventing the market from dropping lower all week as it ranges between here and $135. We will need to see a break of this range before judging which direction the market would like to head toward next.

Short term prediction: BEARISH/NEUTRAL

Ethereum is still bearish in the short term, however, a break above the $135 resistance will help to turn the market back into a neutral trading condition.

Once the resistance at $130 is broken we can expect the first level of resistance at the upper boundary of the range at $135. Above this, resistance then lies at $140 and $150. If the buyers can continue beyond $150, resistance lies at $152 (bearish .382 Fib Retracement), $160, $171 (bearish .5 Fib Retracement), and $180.

On the other hand, the first level of support lies at $120. Beneath this, support is located at $116, $110, $102, and $100. If we break beneath $100, added support lies at $95, $92.85, $90, and $80.

Key Levels

Support: $120, $116, $110, $104, $100, $92.85, $80, $76..

Resistance: $135, $140, $150, $152, $160, $180, $190, $205, $210, $213, $220, $227.

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Yaz Sheikh

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.

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