ETH/USD Daily Chart. Source: TradingView
Key Support Levels: $364, $355, $346.
Key Resistance Levels: $380, $396, $400.
Last week, Etheruem had surged as high as $396 as it hit the resistance provided by a bearish .5 Fib Retracement level. Over the week, Ethereum started to head lower from here as it broke beneath $376 to reach the support at the 2019 High at $364 on Friday.
ETH bounced higher over the weekend as it reached as high as $380. However, the coin is now facing short term resistance at a falling trend line and must overcome this level to continue higher toward $400.
It’s worth noting that the cryptocurrency is trapped in a range and it’s unable to break from it for the time being.
Looking ahead, if the buyers manage to break the trend line and head above $380, the first level of resistance lies at $396 (bearish .5 Fib). This is closely followed by resistance at $400. Beyond $400, additional resistance lies at $410 and $416 (bearish .618 Fib).
On the other side, if the sellers push beneath $375, the first level of support lies at $364 (2019 Highs). Beneath this, support lies at $355, $346 (100-days EMA), and $336.
Key Support Levels: 0.032 BTC, 0.0315 BTC, 0.0311 BTC.
Key Resistance Levels: 0.0337 BTC, 0.034 BTC, 0.0347 BTC.
Against Bitcoin, Ethereum is currently trading within a symmetrical triangle pattern that started in the first week of September. Each time the bulls attempt to push above the triangle, they are rejected by the upper boundary and head lower.
Last week, they tried to push above 0.0337 BTC (March 2019 Support – now resistance) but failed to follow through. As a result, they headed into the lower boundary, where the market rebounded over the weekend to reach the current 0.0327 BTC level.
Looking ahead, if the buyers can break the upper boundary, the first level of resistance lies at 0.0337 BTC. Above this, resistance is expected at 0.034 BTC, 0.0347 BTC, and 0.0352 BTC.
On the other side, the first level of support lies at the lower boundary of the triangle. Beneath this, support lies at 0.032 BTC (100-days EMA), 0.0315 BTC, and 0.0311 BTC (.618 Fib Retracement).
The RSI is at the mid-line, which shows the market is in a state of indecision. For a break above the triangle, the RSI must break the mid-line to show bullish momentum within the market.
