ETH Daily Chart

Key Highlights:

  • Ethereum bounced higher over the past 24 hours of trading as it climbed by 4.18% to head back into the resistance at $286.
  • Against Bitcoin, Ethereum created a fresh 2020 high as it managed to break above ₿0.028, however, it has since dropped and returned back beneath the ₿0.0278 resistance.
  • Even with the previous price fall, Ethereum is up by 12.5% over the past 7 days, making it the strongest performing top 5 ranked cryptocurrency.

Ethereum price: $277
Key ETH resistance levels: $286, $290, $298, $300, $310, $316
Key ETH support levels: $256, $250, $240, $230, $225, $220

*Price at the time of writing

Ethereum finally bounced higher over the past 24 hours of trading as the cryptocurrency increase by 4.18% to return back into the resistance at $268. The cryptocurrency only suffered a small 3-days of negative pressure before the bulls were able to come back into the market and push higher.

The growth from Ethereum has been truly staggering this year as it has managed to increase by a total of 127% since the new decade began. This latest price increase has largely been helped by the fact that Bitcoin has also increased somewhat significantly, however, Ethereum has also been on a rampage against Bitcoin which has allowed the growth for ETH to pass the 100% barrier in a short 6 weeks.

Ethereum remains the second-largest cryptocurrency with a total market cap value of $30.67 billion. It is miles ahead of third place, XRP, which holds a total of only $13 billion. Nevertheless, ETH is still far behind the number 1 ranked cryptocurrency, Bitcoin, which holds $184 billion in market cap valuation so the “Flippening” is certainly not happening anytime soon!

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How to buy Ethereum (ETH) on Binance

Ethereum Coin Price Analysis

What has been going on?

Taking a look at the daily chart above, we can see that ETH managed to remain above support at $256 which is provided by a short term .236 Fibonacci Retracement level. The cryptocurrency did indeed spike lower, however, it always managed to close above the support at $256.

In the most recent trading sessions, Ethereum started to rebound higher as it climbed back above the resistance at $268 (bearish .618 Fib Retracement) and continued further higher to reach the previous resistance at $286.

The market has since stalled slightly after reaching this resistance, however, we can expect this resistance to be broken pretty soon, especially with the underlying bullish momentum within the market.

Ethereum price short term prediction: Bullish

Ethereum is still strongly bullish in the short term and has prevented itself from turning neutral. The cryptocurrency would need to fall beneath $236 before the bullish run is invalidated and it would need to drop further beneath $220 for the market to be in danger of turning bearish.

If the sellers do push lower, the first level of support is expected back at $256 (.236 Fib Retracement). Beneath this, additional support lies at $250, $240, and $236.86 (.382 Fib Retracement).

Beneath this, added support can be located at $225, $220, $217, $206 (.618 Fib Retracement), $200, and $194. 

Where is the resistance toward the upside?

Alternatively, if the bulls can break the resistance at $286, the first level of higher resistance lies at $290. Above this, additional resistance is expected at $298 which is provided by a very long term bearish .5 Fibonacci Retracement level that dates all the way back to mid-2018.

If the buyers continue to drive ETH above $300, resistance is then to be expected at $310 (bearish .786 Fib Retracement), $316.57 (1.414 Fib Extension), $230, and $331 (1.618 Fib Extension).

Following this, higher resistance is closely located at $334.50 (bearish .886 Fib Retracement), $349 (long term bearish .618 Fib Retracement), and $360.

What are the technical indicators showing?

The RSI is still above the 50 level to show that the bulls are in charge of the market momentum. The Stochastic RSI has produced a bullish crossover signal in oversold conditions which is a strong sign that a bullish push higher is incoming. 

One VERY important technical indicator to point out is the fact that the 100-day EMA has recently crossed up above the 200-day EMA. Some say the 50-day EMA crossing the 200-day EMA is called a “golden cross” (the EMA lengths can be anything really), if that is true, this can be considered as a diamond cross and it can signal a very long term shift in the market condition. In this case, a bullish shift.

ETH/BTC Chart

What has been going on?

Taking a look at ETH/BTC above, we can see that the cryptocurrency retraced but managed to find strong support at the ₿0.026 level. It did spike lower into the ₿0.025 region, however, it always climbed to close above ₿0.026.

Over the past couple of days, ETH/BTC has pushed higher as it attempts to break the resistance at ₿0.0278. It did spike above this yesterday but was unable to close the day above the aforementioned resistance level.

Ethereum price short term prediction: Bullish

ETH remains bullish against Bitcoin, especially considering the fact that it created a fresh high yesterday. It would need to drop beneath ₿0.0242 before this bullish trend could be considered invalidated. A drop beneath ₿0.021 could turn ETH/BTC into a bearish trend again.

If the sellers do push ETH lower, the first level of support lies at ₿0.026. Beneath this, additional support lies at ₿0.0255 (.236 Fib Retracement), ₿0.025, and ₿0.0242 (.382 Fib Retracement).

Where Is The Resistance Toward The Upside?

Toward the upside, if the bulls can break ₿0.0278, the first level of resistance lies at ₿0.028. Above this, higher resistance lies at ₿0.0288 (bearish .786 Fib Retracement), ₿0.029, ₿0.0294 (1.272 Fib Extension), and ₿0.0297.

If they continue to drive ETH above ₿0.03, higher resistance lies at ₿0.0304 (bearish .886 Fib Retracement), ₿0.031, and ₿0.0314 (1.618 Fib Extension).

Previous ETH price analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Ethereum:

(Excerpt) Read more Here | 2020-02-19 07:52:01
Image credit: source

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