- Ethereum is stuck at 0.023 BTC resistance after forming a cup-and-handle pattern
- It is gaining strength again after reclaiming the crucial $200 mark this week
ETH/USD: Ethereum Recovers Well Above $200
Key Resistance Levels: $226, $237, $246
Key Support Levels: $211, $200, $191
There’s no doubt that the bulls are coming up again following the latest buying volume in the entire crypto market. Ethereum’s price jumped 10% in two days before it met resistance and pulled back slightly.
After dropping below a 9-week trend line, as spotted on the 4-hours chart, Ethereum found support around $172 and started to regain momentum towards $200 – which eventually became a support area after breaking through. Following this recovery, ETH climbed above a 4-week descending trend line that was forming since April 30.
The price is now floating around $219 against the US Dollar due to a quick rejection at around $224 today.
Ethereum Price Analysis
From $200, Ethereum saw a nice 10% gain to reach $224 over the last 48-hours, although it has lost $5 from today’s high. If the price continues to pullback, the potential support to watch is $211, above the yellow trend line.
A break down may take the price back into the grey demand area of $200. There’s slight support at $191, but the major to keep in mind is $172 (where ETH found support on May 12) in case of a further plunge.
While reaching $224 mark today, Ethereum still needs to retain April’s high of $226 before advancing higher to $237 and $246. It may have to push above the grey ascending trend line to confirm a mid-term bullish trend.
ETH/BTC: Ethereum Plotting More Bullish Action
Key Resistance Levels: 0.0241 BTC, 0.025 BTC, 0.026 BTC
Key Support Levels: 0.023BTC, 0.0222 BTC, 0.0218 BTC
Following Bitcoin’s latest price increase, Ethereum saw about 8% growth over the last two days. Meanwhile, the past two weeks’ increase shows that buyers are showing a strong interest in the second-largest cryptocurrency. From a monthly low of 0.0207 BTC, Ether is now trading at 0.0233 BTC.
Looking at the bigger picture, Ethereum recently formed a strong bullish trajectory with a cup-and-handle pattern, as can be seen on the 4-hours. Though, the price is currently stuck in a supply zone.
Despite that, the bullish trajectory is still much valid. Once it breaks through this crucial zone of 0.023 BTC – 0.0234 BTC, it would clear the way for more gains.
Ethereum Price Analysis
If the price increases above this supply zone, the immediate resistance level to watch here is 0.0241 BTC – indicated orange on the price chart. After that, subsequent resistance may surface around 0.025 BTC and 0.026 BTC.
There’s small support at 0.023 BTC in case of a pullback. However, the strong support is located at0.022 BTC. If the price plunges below these green lines, the next target for the bears would be 0.0218 BTC.
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