Ethereum Sees 12% Price Increase In Attempted Recovery – Will It Continue?

• 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.