|Key ETH resistance levels:||$193, $200, $202, $210, $213, $215|
|Key ETH support levels:||$185, $176, $171, $165, $158, $149|
*Price at the time of writing
Ethereum ETH, 0.94% has seen a 1.16% price hike over the past 24 hours which has allowed the cryptocurrency to reach the $190.48 level. Ethereum has been on a decent run this week after increasing by a total of 5.49% – making it the strongest performer amongst the top 5 cryptocurrency projects.
If this bullish press can continue for ETH, we could see Ethereum testing the $250 level toward the end of the month. Ethereum remains ranked in 2nd position with a total market cap value of $20.59 billion. Ethereum still has a long recovery ahead of itself after losing 28% throughout the past 3 months.
Ethereum price analysis
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What has been going on?
Taking a look at the daily chart above, we can see that the latest price increase has now allowed Etehreum to rise back above the $190 level as it currently tests resistance at the previous rising support trend line (now turned to resistance).
Ethereum price short-term prediction: Neutral/Bullish
This recent uptick has now turned this market from bearish to neutral. For the market to be considered as bullish, we would need to see price action rise and break above the $202 level to create a fresh high. If this market was to drop beneath the support at $165, then the market could be considered as bearish.
If the buyers continue to drive price action above the current level of resistance, initial higher resistance is then to be expected at the $200 and $202 levels. Above $202, resistance is then expected between $210 and $213, provided by the 100-day EMA and 200-day EMA. If the buyers can continue beyond this level of congestion, resistance is then expected at $220, $225, $235, $240, $250, $271, and $287.
What are the technical indicators showing?
The RSI has recently penetrated above the 50 level, which shows that the bulls have now gained control over the market momentum. If the RSI can remain above 50 and climb higher, we can expect Ethereum to certainly head back above $200.
Trade idea – Buy Ethereum above ₿0.0019.
Ethereum has risen quite sharply against BTC. If this bullish pressure can continue higher, we can certainly expect ETH/BTC to make its way toward ₿0.020 and further higher.
In this trade idea, we will buy ETH once it breaks up above ₿0.019. This is to confirm that the market can break above the current resistance at ₿0.0189. Stops can go a little beneath ₿0.018 to protect yourself if the market heads in the opposite direction.
The first target of this trade is located directly at the ₿0.02 level. This level of resistance is provided by the long term bearish .236 Fibonacci Retracement level. Above ₿0.02, we can then look for the next target to be located at ₿0.02180 (100-day EMA) with the last target at ₿0.02235.