Author: Ethereum has seen a magnificent price surge totaling over 56% throughout the past 7 trading days. This price move has now allowed Ethereum to fly above the $200 level to where it currently is trading at around $265. The Ethereum coin has now created a fresh 8 month high after rising by a total of 121% over the past 90 trading days.
Ethereum remains in 2nd place amongst the top cryptocurrency coins by market cap value as it currently holds a $28.11 billion market cap, according to CoinMarketCap data.
Looking at the ETH/USD 1-Day Chart:
- Since our previous ETH/USD analysis, we can see ETH/USD surged above the resistance at $194 and $200, continuing higher until recently reaching resistance at the $280 level.
- From above: The nearest level of resistance above $271 and $280 now lies at $300. The resistance at $300 is strengthened by a long term bearish .5 Fibonacci Retracement level (marked in red). Above $300, further resistance exists at $318, $340 and $350 (which also contains the bearish .618 Fibonacci Retracement level).
- From below: The nearest level of support now sits between $250 – $247. Beneath this, further support lies at $240, $225, $200 and $194.
- The RSI has reached overbought territory which could suggest that a retracement may be coming soon. This is further confirmed by the Stochastic RSI as it currently trades in overbought territory, primed for a bearish crossover.
Looking at the ETH/BTC 1-Day Chart:
- Against Bitcoin, we can see ETH/BTC managed to hold support at 0.02455 BTC and proceeded to rebound much higher. The recent price surge has allowed Ethereum to break above the 100-day moving average line, as well as above a 2.5-month-old falling trend line, to where it currently is trading at around 0.033 BTC.
- From above: The nearest level of resistance now lies at 0.03424 BTC. Above this, further resistance exists at 0.035 BTC, 0.036 BTC, 0.0367 BTC and 0.038 BTC
- From below: The nearest level of support now lies at 0.033 BTC. Beneath this, further support sits at 0.032 BTC (which contains the 100-day moving average line) and 0.030 BTC.
- The RSI recently managed to climb above the 50 line for the first time since late February 2019, which is a strong bullish sign.
- Trading volume has been rising significantly over the past few days as the interest for Ethereum starts to grow again.
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.