ETH/USD:
Support: $167, $165, $150.
Resistance: $175, $180, $187.
ETH/BTC:
Support: 0.023 BTC, 0.022 BTC, 0.0215 BTC.
Resistance: 0.024 BTC, 0.0247 BTC, 0.025 BTC.
After breaking the upper boundary of the previous consolidation pattern, ETH found resistance at $146 for a few days. It broke this resistance yesterday as the cryptocurrency increased dramatically.
During the increase, ETH got through the resistance at $152, $165 (bearish .382 Fib Retracement), and $170 (100-days EMA) to reach the current resistance at $175, provided by a short term 1.414 Fib Extension level.
If ETH continues beyond $175, the first level of resistance lies at $180 (200-days EMA). Above this, resistance is found at $188 (bearish .5 Fib Retracement), $194, and $200. Beyond $200, higher resistance is expected at $205 and $211 (bearish .618 Fib Retracement).
On the other side, the first level of support lies at $168. Beneath this, support is at $165, $152, and $146.
The RSI has reached overbought conditions as the buyers dominate the market momentum. It still has room to move higher, which should allow ETH to reach $188 at the very least before falling.
Against Bitcoin, Ethereum also increased by a significant amount as it broke past 0.021 BTC to climb to the current trading level of 0.0235 BTC. It went through resistance at the 200-days EMA to reach this level.
This increase in ETH/BTC is the main reason as to why Ethereum has been outpacing Bitcoin over the last few days.
The first level of resistance is located at 0.024 BTC. Above this, resistance lies at 0.0247 (bearish .618 Fib Retracement), 0.025 BTC, and 0.026 BTC.
Toward the downside, support lies at 0.023 BTC. This is followed by support at 0.022 (100-days and 200-days EMAs), 0.0215 BTC, and 0.021 BTC.
The RSI has also climbed into overbought conditions, reaching the highest level since February 2020. It still has room to move higher to suggest ETH can still climb.
