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    Home » ETH » Ethereum Price Analysis: ETH Skyrockets 13%, Is $300 Coming?

    Ethereum Price Analysis: ETH Skyrockets 13%, Is $300 Coming?

    Author: Yaz Sheikh

    Last Updated Jul 23, 2020 @ 16:55
    • Ethereum saw an impressive 13% price surge today as the coin reached as high as $276.
    • This allowed ETH to break out of the previous phase of consolidation and turn bullish.
    • Against Bitcoin, Ethereum is attempting to create a fresh high-day closing candle for 2020.

    ETH/USD: Bullish Breakout Could Start Surge Toward $300

    Key Support Levels: $265, $250, $245
    Key Resistance Levels: $275, $287, $294

    Ethereum had found strong support at a rising trend line, which also acted as the lower boundary of a triangle, earlier in the week. It rebounded aggressively from there over the past couple of days, which allowed ETH to push above the previous ascending triangle pattern that it was trading within.

    After breaking higher, ETH continued to surge until it met resistance at $265 (bearish .886 Fib Retracement). It stalled here for a few short hours but eventually penetrated above as it reached the resistance at $274 (1.272 Fib Extension). This decisive breakout now shifts the sentiment towards the bullish favor for ETH as it heads toward the 2020 highs at $287.

    ethusd-jul23
    ETH/USD. Source: TradingView

    ETH-USD Short Term Price Prediction

    Looking ahead, if the buyers break the resistance at $274, immediate resistance is located at $287 (2020 high & 1.414 Fib Extension). Above this, resistance lies at $294 and $300.

    On the other side, the first level of strong support lies at $265 and $250. Beneath this, support is found at $245, the rising trend line, and $220 (200-days EMA).

    The RSI has exploded higher as it reached overbought conditions. This suggests the market may be a little overextended and may need a brief retracement.

    ETH/BTC – Ethereum Bulls Re-Test 2020 Highs

    Key Support Levels: 0.0278 BTC, 0.0273 BTC, 0.0263 BTC.
    Key Resistance Levels: 0.0293 BTC, 0.03 BTC, 0.0304 BTC.

    Against Bitcoin, ETH managed to push above the previous strong resistance at 0.0263 BTC over the past couple of days to continue higher and reach the 2020 high at 0.0278 BTC. This resistance was broken today as ETH created a fresh 2020 high at 0.029 BTC.

    ETH struggled at 0.0263 BTC throughout the entire period of July, and this decisive breakout also turns it bullish.

    ethbtc-jul23
    ETH/BTC. Source: TradingView

    ETH-BTC Short Term Price Prediction

    If the bulls push higher, the first level of resistance lies at 0.0293 BTC (1.272 Fib Extension). Above this, added resistance lies at 0.030 BTC (1.414 Fib Extension) and 0.0304 BTC (bearish .886 Fib Retracement).

    On the other side, support is found at 0.0278 BTC, 0.0273 BTC, 0.0263 BTC, and 0.0253 BTC (.382 Fib Retracement).

    Likewise, the RSI has also reached overbought conditions, which could suggest the bulls are overextended and may need to retrace briefly before continuing higher.

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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.
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    About The Author

    Yaz Sheikh View 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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