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ETH / USD – Ethereum returns to June 2018 price levels
Key Support Levels: $ 550, $ 521, $ 500.
Key Resistance Levels: $ 580, $ 600, $ 620.
Ethereum first broke the $ 500 level in 2020 last Friday when it jumped to the $ 511 resistance. Yesterday, the bulls continued to push ETH even higher and ended the day slightly above the $ 548 resistance. (bearish retracement .618 Fib).
Today, after a retest of the same $ 511 resistance transformed the support level, the bulls penetrated $ 550 to reach $ 568.50 – where they met resistance at 1.414 Fib Extension and at the time of writing these lines – ETH is trading at that level. This latest price hike took Ethereum to a new 30-month high as it hit prices not seen since June 2018.
ETH-USD short term price prediction
Looking ahead, once the bulls break out of $ 568.50 – $ 570, the first resistance level is expected at $ 580. This is followed by a resistance at $ 600 (1.618 Fib Extension and psychological level). If the bulls continue above $ 600, resistance is found at $ 620, $ 650 and $ 675 (bearish retracement .786 Fib).
On the other hand, the first support level is at $ 550. Below that, support is at $ 521 (0.236 Fib), $ 500 and $ 470 (0.5 Fib).
The RSI is in overbought territory and has been the highest since the beginning of August, suggesting that the bulls may be slightly excessive and the correction may come before new highs.
ETH / BTC – Bulls are bouncing off the 100-day EMA
Key Support Levels: 0.03 BTC, 0.0295 BTC, 0.0289 BTC.
Key Resistance Levels: 0.0313 BTC, 0.032 BTC, 0.033 BTC.
Against Bitcoin, Ethereum rebounded from 6-month lows to 0.0265 BTC on Friday. It pushed as low as 0.0295 BTC yesterday, where it met resistance at the 200-day EMA. During the upward move, Ethereum also managed to break a 3-month downtrend line as can be seen in the chart below.
Today, buyers continued above the 200-day EMA and pushed above the 0.03 BTC resistance to reach the nest resistance level at 0.0305 BTC (100-day EMA) at the time of writing. .
ETH-BTC short term price prediction
Looking ahead, if the bulls break the resistance at the 100-day EMA, the first resistance level is expected at 0.0313 BTC (1.414 Fib Extension). Above this, resistance is found at 0.032 BTC (1.618 Fib Extension), 0.033 BTC and 0.0337 BTC (March 2019 support).
On the other hand, the first support level is found at 0.03 BTC. Below that, support is found at 0.0295 BTC (.236 Fib & 200-day EMA), 0.0289 BTC (.382 Fib) and 0.0285 BTC (February 2020 high).
The RSI has recently turned back in the bull’s favor as it breaks out of the midline. Furthermore, the Stochastic RSI also produced a bullish crossover signal which supported the rebound.
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