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    Home » ETH » Ethereum Price Analysis: ETH Rebounds 60% From Yesterday’s Low, What’s Next?

    Ethereum Price Analysis: ETH Rebounds 60% From Yesterday’s Low, What’s Next?

    Author: Yaz Sheikh

    Last Updated May 20, 2021 @ 13:50

    Ethereum is up by a total of 60% from yesterday’s low as it closes back in on $3,000. Against bitcoin, ETH has recovered back above 0.07 BTC.

    ETH/USD – Ether Finds Support At .786 Fib

    Key Support Levels: $2,775, $2444, $2200,.
    Key Resistance Levels: $3000, $3211, $3487.

    The severe price crash seen yesterday caused ETH to drop by a total of around 40% from high to low. During the session, ETH fell as low as $1850, where it found support at the February highs. By the end of the day, the buyers had pushed higher to allow the daily candle to close above $2,444 (.786 Fib).

    Today, ETH recovered by an astonishing 60% and has pushed back above resistance at the 50-day MA and a bearish .382 Fib Retracement at $2935 to close back in on $3000.

    ETH/USD Daily Chart. Source: TradingView

    ETH-USD Short Term Price Prediction

    Looking ahead, if the bears push ETH lower, the first strong support lies at $2775 (50-day MA). This is followed by $2444 (.786 Fib), $2200 (.886 Fib & 100-day MA), $2036 (Feb highs), and $1900.

    On the other side, the first strong resistance lies at $3000. This is followed by $3211 (bearish .5 Fib), $3487 (bearish .618 Fib & 20-day MA), and $3,880 (bearish .786 Fib).

    The RSI is in the bearish favor but is not in extremely oversold conditions. It is also pointing higher, which indicates the previous bearish momentum might be showing signs of fading.

    ETH/BTC – Ether Finds Support At 0.06 BTC

    Key Support Levels: 0.0689 BTC, 0.0648 BTC, 0.06 BTC.
    Key Resistance Levels: 0.0715 BTC, 0.074 BTC, 0.075 BTC.

    Ether also dropped significantly against BTC yesterday. The cryptocurrency was trading near 0.08 BTC at the start of the day but quickly plummetted as low as 0.06 BTC during the session. ETH pushed higher to close around 0.0667 BTC by the time the daily candle closed.

    Today, ETH did dip back toward 0.0607 BTC (.618 Fib) at the start of the session but has since pushed back above the 20-day MA and is now above 0.07 BTC again.

    ETH/BTC Daily Chart. Source: TradingView

    ETH-BTC Short Term Price Prediction

    Looking ahead, the first support lies at 0.0689 BTC (.382 Fib & 20-day MA). This is followed by 0.0648 BTC (.5 Fib), 0.06 BTC (.618 Fib), 0.0541 BTC (April 2018 lows), and 0.0515 BTC (50-day MA).

    On the other side, the first resistance lies at 0.0715 BTC. This is followed by 0.074 BTC, 0.075 BTC, and 0.0769 BTC (1.414 Fib Extension).

    The RSI recently dropped beneath the midline during yesterday’s drop. However, it has started to make its way back to neutral territory. Additionally, the Stochastic RSI is already extremely oversold and is primed for a bullish crossover signal.

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    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.
    Tags: Ethereum (ETH) Price
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    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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