- Ethereum saw a 1.5% price increase today as the coin reaches $197.
- The cryptocurrency surged by a total of 7.4% this week as it breaks previous resistance at $187 to reach $198.
- Against Bitcoin, Ethereum is also on the rise as it makes an attempt at the April highs of 0.026 BTC.
Key Support & Resistance Levels
Support: $194, $187, $180.
Resistance: $198, $200, $211.
Support: 0.025 BTC, 0.0247 BTC, 0.024 BTC.
Resistance: 0.026 BTC, 0.0263 BTC, 0.027 BTC.
ETH/USD – Ethereum Edging Toward $200
Ethereum finally breached the resistance at $187, provided by a bearish .5 Fib Retracement, this week. It had dropped from this resistance last week which caused it to dip into the 100-days EMA before rebounding higher to break it.
Ethereum is now trading at $198, 1.414 Fib Extension resistance, and is primed to break $200 in the very short term.
ETH-USD Short Term Price Prediction
Looking ahead, once the buyers penetrate $198, the next level of resistance lies at $200. Above this, resistance is located at $208 (1.618 Fib Extension) and $211 (bearish .618 Fib Retracement. Following this, added resistance lies at $220 and $225.
Toward the downside, support lies at $194, $187, and $180 (200-days EMA). Beneath this, added support is expected at $175 and $169.
The RSI is well above the 50 line to indicate that the buyers dominate the market momentum. It still has room before becoming overbought which suggests that ETH can still push higher before retracing.
ETH/BTC – ETH Re-Testing April Highs
Against Bitcoin, Ethereum managed to rebound from the support at 0.025 BTC and push higher into the April high resistance level at around 0.026 BTC.
The resistance here is provided by a bearish .786 Fib Retracement and must be overcome for ETH to continue to push higher toward the 2020 highs at around 0.028 BTC.
ETH-BTC Short Term Price Prediction
Once the buyers break 0.026 BTC, resistance is located at 0.0263 BTC and 0.0266 BTC (bearish .886 Fib Retracement). Above this, resistance lies at 0.027 BTC, 0.0233 BTC (1.414 Fib Extension), and 0.0278 BTC.
On the other side, the first level of strong support lies at 0.025 BTC. Beneath this, support lies at 0.0247 BTC, 0.024 BTC, and 0.023 BTC (.5 Fib Retracement).
The RSI is above 50, however, it is falling which suggests that the bullish momentum is fading. ETH can be expected to break the April highs so long as the RSI rebounds from the 50 level so the sellers do not take control of the market momentum.
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Cryptocurrency charts by TradingView.
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