ETH/USD:
Support: $200, $187, $180.
Resistance: $211, $220, $225.
ETH/BTC:
Support: 0.023 BTC, 0.0225 BTC, 0.022 BTC.
Resistance: 0.0236 BTC, 0.024 BTC, 0.0247 BTC.
Ethereum dropped from $211 yesterday to crash back into the $200 level. The buyers battled to keep ETH above this point today, with a 2% increased to push toward $204. The support at $200 is considerably strong because the 2-month-old rising trend line is located there.
A break beneath $200 and the trend line could spell disaster for ETH as it would start to unwind and possibly head back toward $150.
If the bulls can continue to push higher from this rebound, the first level of resistance is expected at $211 (bearish .618 Fib Retracement). Above this, resistance lies at $219.50 (1.272 Fib Extension), $225, and $230 (1.414 Fib Extension). This is followed by added resistance at $245 (bearish .786 Fib Retracement).
On the other side, if the sellers push beneath $200, the first level of strong support lies at $188 (.382 Fib Retracement & 100-days EMA). Added support lies at $180 (200-days EMA) $175 (.5 Fib Retracement), and $153.50 (.618 Fib Retracement).
The RSI is battling to stay above the 50 line as the buyers refuse to give up control of the market momentum. If it does drop beneath 50, ETH can be expected to drop below $200 and start to unwind.
Against Bitcoin, Ethereum had found strong support at the lower boundary of a very wide triangle at the 0.0205 BTC level almost 2-weeks ago. Since rebounding from there, ETH has been climbing against Bitcoin as it managed to break the 200-days EMA over the weekend.
Today, ETH broke beyond 0.023 BTC to reach 0.0231 BTC as it continues to climb higher back toward the May highs at 0.024 BTC.
If the bulls continue with their recovery, the first level of resistance is located at 0.0236 BTC. Above this, resistance lies at 0.024 BTC (May highs), 0.0247 (bearish .618 Fib Retracement), and 0.025 BTC.
On the other side, if the sellers push lower, support is found at 0.023 BTC and 0.0225 BTC (200-days EMA). Beneath this, added support is found at 0.022 BTC and 0.021 BTC.
The RSI is above the 50 line to show strong bullish momentum within the market. It still has room to push higher before becoming overbought, which suggests that there is still potential upside movement for ETH/BTC.
