The price of Ethereum finally broke above $300, reaching $319 for the first time since August 2018. The cryptocurrency is now trading around $312, marking a 15% price increase over the past week.
Ethereum was struggling to break above the $278 resistance level during both May and June of this year. However, Bitcoin’s latest rally, which got the price over $10,000, allowed ETH/USD to break the resistance at $300.
Ethereum remains the second-largest cryptocurrency by market capitalization with a market cap of about $33 billion. The coin has now seen an explosive 130% price surge over the past 3 months.
Looking at the ETH/USD 1-day chart:
- After our previous ETH/USD analysis, Ethereum went on to break the $278 resistance level and surge past $300. We can also see that ETH managed to climb above a long-term ascending price channel that has been in play throughout 2019.
- From above: The nearest level of resistance now lies at $315, which is a short-term 1.272 Fib extension level. Above this, further resistance lies at $334 (1.414 Fib ext.) and $350 (long-term bearish .618 Fib retracement). If the bulls continue above $350, more resistance will be found at $361, $280, $397, and $400.
- From below: The nearest level of support lies at $300. Beneath $300, further support lies at $279, $271, $260, and $250. If the selling continues below $250, we can expect more support at $240, $235, and $225.
- The trading volume has remained relatively high over the past few days, as it’s above the average for the month.
- The Stochastic RSI recently entered overbought territory as we wait for a bearish crossover signal to indicate that we are heading lower. Furthermore, the RSI is close to being extremely overbought, which indicates that the coin’s price may be overextended.
Looking at the ETH/BTC 1-day chart:
- Against Bitcoin, we can see that ETH has fallen further beneath the 0.029 BTC level. However, it still managed to find strong support at the 0.0285 BTC level where the short-term .618 Fib retracement level lies.
- From above: The nearest levels of resistance are at 0.0290 BTC and 0.0297 BTC. Above this, resistance is found at 0.030 BTC, 0.0303 BTC, and 0.0309 BTC. If the bulls continue above 0.031 BTC (and the 100-day EMA), more resistance can be found at 0.03183 BTC and 0.0325 BTC.
- From below: The nearest level of support is currently 0.0285 BTC. Beneath this, we can find more support at 0.02818 BTC, 0.028 BTC, and 0.0275 BTC. If the selling continues, more support is found at 0.027 BTC and 0.02678 BTC.
- The trading volume has remained relatively average for this market.
- The Stochastic RSI recently produced a bullish crossover signal in oversold territory, which suggests that the bulls may be ready to push higher.
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