Ethereum Price Analysis: ETH Trading In A Close Range But A Huge Move Could Be Imminent

• Ethereum witnessed a sharp 7% price drop over the past seven days as it trades at $156.
• However, over the past 5-days, Ethereum has been trading sideways between $155 and $160.
• Against Bitcoin, the bulls are controlling the market after rebounding at 0.0229 BTC to trade above 0.0232 BTC.

Key Support & Resistance Levels

ETH/USD:
Support: $155, $150, $143.
Resistance: $160, $165, $170.
ETH/BTC:
Support: 0.0229 BTC, 0.0223 BTC, 0.0219 BTC.
Resistance: 0.0235 BTC, 0.024 BTC, 0.0247 BTC..

ETH/USD – Ethereum Trading Within Tight Sideways Range.

Last week, Ethereum ran into resistance at the 100-days EMA at around $172, causing it to fall into the $155 support provided by a short term .382 Fib Retracement. The cryptocurrency has been trading sideways between $155 and $160 for the past five days straight.

Typically, when a coin trades sideways for a period like this, it is indicative that a large move is imminent and all signs are pointing to a positive push higher.

ETH/USD Short Term Price Prediction

If the bulls climb above $160, the first level of resistance is located at $165 (bearish .382 Fib Retracement). Following this, resistance lies at $170 (100-days EMA), $180 (200-days EMA), and $189 (bearish .5 Fib Retracement).

Alternatively, if the sellers break the support at $155, added support lies at $150 (.5 Fib Retracement), $143 (.618 Fib Retracement), and the rising support trend line.

The RSI has managed to remain above the 50 level over the entire period of April 2020 which shows that the bulls are still not ready to give up the control of the market momentum. If it can start to rise, ETH is likely to head above $170.

ETH/BTC: Bulls Defend 0.0229 BTC and Rebound.

Against Bitcoin, Ethereum has been battling to remain above the .236 Fib Retracement at 0.0229 BTC over the past week. The bulls were successful in today’s trading session as they climb above 0.023 BTC to reach 0.0232 BTC.

If the bulls continue above 0.0235 BTC, ETH is likely to be headed toward 0.025 BTC this week.

ETH/BTC Short Term Price Prediction

The first level of resistance is located at 0.0235 BTC. Above this, resistance lies at 0.024 BTC, 0.0247 BTC (bearish .618 Fib Retracement), and 0.025 BTC.

On the other side, support lies at 0.0229 BTC, 0.0223 BTC (.382 Fib Retracement & 200-days EMA), and 0.0219 BTC (.5 Fib Retracement).

The RSI is strongly within the bull’s favor as it starts to rise higher showing increasing bullish momentum. It still has room before becoming overbought which suggests that ETH can still climb higher against BTC.