Ethereum has seen a 2% price rise over the past 24 hours, and it’s currently trading at around $219. The cryptocurrency had managed to remain above a rising support trend line, with its price increasing by a full 11% over the previous 6 days.
Ethereum remains the second-largest cryptocurrency by market value, with a market cap of $23.64 billion. The ETH price is still up by 37% over the past 3 months, making it the strongest performer among the top five projects beyond Bitcoin.
Looking at the ETH/USD 1-day chart:
- Since our previous ETH/USD analysis, the support at $202 and the rising trend line have held very well, allowing ETH to rise to where it currently trades at the resistance provided by the 200-day EMA at $220.
- From above: If the bulls can break above $220 and the subsequent resistance at $230, we can expect immediate resistance at $235 provided by the 100-day EMA. This will be followed by resistance at $240. Once ETH/USD has cleared this hurdle, higher resistance lies at $250, $271, $279, and $298.
- From below: The nearest level of support lies at the rising trend line (around $205). This is followed by strong support at $202 and $200. If the price breaks beneath $200, further support is found at $193 (.786 Fib retracement), $178, $165, and $152.
- The trading volume remains very low with no signs of increasing.
- The RSI has recently risen toward 50 as the bulls have attempted to gain control. However, the Stochastic RSI suggests that the market may be extremely overbought as we wait for a bearish crossover signal to confirm this.
Looking at the ETH/BTC 1-day chart:
- The resistance at 0.022 BTC was too strong for the bulls, which caused ETH/BTC to reverse and fall. The market has fallen along the contour of our steep descending trend line, being unable to break above this level.
- From above: The nearest level of resistance lies at 0.021 BTC. Above this, higher resistance is found at the upper boundary of the steep downtrend channel. If the price can break above the channel, resistance lies at 0.02192 BTC, 0.0225 BTC, 0.023 BTC, and 0.02390 BTC.
- From below: The nearest level of support lies at the downside 1.618 Fibonacci extension level of 0.02042 BTC. If the sellers push the price below 0.02 BTC, we can find support at 0.01966 BTC, 0.01937 BTC, and 0.018507 BTC.
- The RSI was recently turned away from the 50 level, which confirms that the sellers are still in complete control of the market.
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Cryptocurrency charts by TradingView.
