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Ethereum has recently broken above the $150 mark following a 21% weekly price. The market has reached resistance at $152, but the sentiment is slowly turning bullish.
Looking at the ETH 1-Day & 4-hour Charts
- Following our previous analysis, we can see that Ethereum had continued to break above the resistance at $142.63 and proceeded above the mentioned $150, while now facing the resistance level of $152.15, ETH has struggled to break above this resistance level for the past five
- An exciting development on the 4-hour chart is the symmetrical triangle formed recently; there is still a bit for consolidation before a breakout.
- From above: If the bulls break above resistance at $152.15, further resistance lies at $160, $165.23, and at the long-term bearish .618 Fibonacci Retracement at $170.70 (marked in blue), breaking above the last will likely to see price action re-testing the medium term 1.272 Fibonacci Extension level at $185.14 (marked in yellow), the September 2017 low at $197.73 – $200 area.
- From below: The nearest support lies at the bearish .618 ($142.63) and .5 ($135) Fibonacci Retracement levels (marked in red). Further support below lies at $127, $110 and $100.
- The RSI is in overbought zone indicating that the bulls may need a break soon for a correction.
- The trading volume has remained stable and increasing over the recent week.
Looking at the ETH/BTC 1-Day Chart:
- ETH/BTC has been trading sideways since our previous analysis. We can see that the market had found resistance at the 0.038 BTC level, and has not yet been able to break as of now.
- The market is currently trading near support at the bearish .618 Fibonacci Retracement level at 0.036969 BTC (marked in red).
- From Below: The nearest support lies at the short term .236 Fibonacci Retracement level at 0.03628 BTC (marked in green). Further support below lies at 0.035 BTC, 0.033 BTC, and03158 BTC.
- From Above: If the bulls break above 0.038 BTC, then the next resistance lies at the bearish .786 (0.03890 BTC) and .886 (0.040 BTC) Fibonacci Retracement levels (marked in red).
- Higher resistance above 0.040 BTC lies at 0.041 BTC and 0.04178 BTC.
- The RSI remains above 50 has bulls retain control. However, it is slowly grinding lower.
- The trading volume has increased over the past week.
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Cryptocurrency charts by TradingView.
