- Ethereum has seen a recent price increase of over 10% in the last week of trading.
- The market is now trading at the upper limit of a short-term symmetrical triangular pattern.
- Support in progress: $ 212, $ 202, $ 200, $ 197, $ 190, $ 188, $ 181, $ 180, $ 167.
- Forward resistance: $ 222, $ 226, $ 234, $ 250, $ 260, $ 271, $ 290, $ 300, $ 308.
Ethereum saw an increase in the price of 1.79% over the previous 24-hour trading session as the cryptocurrency is now trading at around $ 220 at the time of writing. The market has experienced a further 10.72% price increase over the last 7 trading days, as price action returns once again above the $ 200 appeal once again.
Ethereum is still ranked 2nd in terms of market capitalization across the industry, with a total market capitalization of $ 22.53 billion. Despite the recent price increase, the market has nonetheless suffered a period of around 90 days in which price action fell by 40% during this period.
The 30-month currency is now trading at a lower level of 84% compared to its high historical price.
We continue to analyze the long-term ETH price action and see how the market has behaved.
Price analysis of Ethereum
ETH / USD – LONG TERM – DAILY TABLE
From the long-term perspective above, we can see that price action continues to trade sideways from ours last piece of analysis on Ethereum.
The market had halted its previous decline after reaching support for a 1.272 Fibonacci downtrend (drawn in green) for $ 181.88. The market has not re-examined this level from the rebound from the support.
We can also see that the most significant support was provided by the September 2017 low at $ 197.73 during October and November 2018.
The recent surge in prices last week has now seen the ETH / USD increase in resistance from a long-term precedent at 1,414 Fibonacci Extension level (drawn in red) for $ 226.98.
We continue to analyze the share of ETH / USD prices a bit closer in the short term and highlight any areas of potential support and resistance in the future.
ETH / USD – SHORT TERM – DAILY DAILY
Analyzing the ETH / USD with the advantage of a closer perspective, we can see that price action has seen an increase when the market started from a low of $ 167.32 on September 12, 2018 and has continued to rise to $ 255 on September 22, 2018. This was a 52% price increase from low to high.
The ETH / USD market continued to decline until short-term support was found .786 Fibonacci retracement level (drawn in blue) priced at $ 188.73 in October 2018. It is also important underline that this level of support has been further reinforced by the lower limit of the symmetrical triangle that has formed since the price action rebounded from $ 181.88.
The price action for ETH / USD is currently trading in resistance provided by the upper limit of the symmetrical triangle which is also further amplified by the resistance to the Fibonacci retracement level of .382 (drawn in blue) at the price of $ 222.30.
Moving forward, in our bullish scenario, if buyers can climb beyond the boundaries of the symmetrical triangle and above the resistance to $ 222, we can expect that the immediate resistance above is localized at the previous Fibonacci prolongation level at 1,414 long-term (drawn in red) for $ 226.98, followed by the short-term level .236 Fibonacci Retracement (drawn in blue) for $ 234.44.
If the bulls can continue to exceed the highs of September 2018 to $ 255, then we can look for a further higher resistance to be placed at the previous 1.618 Fibonacci extension level (drawn in dark blue) for $ 271.95.
This price level provided significant support for the market during August 2018 and is expected to provide a similar level of resistance in the future (the old support now becomes a new resistance). The 100-day moving average is also trading just below this level, adding further strength to the resistance expected in this area.
The last 2 resistance levels to be highlighted above are found in the short-term levels 1.414 and 1.618 Fibonacci extension (drawn in purple), with a price of $ 290 and $ 308 respectively.
Alternatively, in our bearish scenario, if the ETH / USD market fails to break above the symmetrical triangle and withdraws again, we can expect immediate underlying support to be found in the short term .5 and .618 Fibonacci retracement levels (drawn in blue light) priced at $ 212 and $ 202 respectively.
The support positioned below this can therefore be provided at the lower limit of the symmetrical triangle in play.
If sellers drive prices below the triangle and below $ 200, we can expect immediate support below the September 2017 minimum price at $ 197.73, followed by the short-term retracement level .786 Fibonacci (drawn in blue) priced at $ 188.73. If the sale continues even further, further support can be expected at $ 181.88, followed by a low of September 2018 to $ 167.32.
The RSI is producing a reading that favors buyers at this time when it currently trades above the 50 handle. Since the RSI is close to overbought conditions, the market may slow down slightly before it can continue with its bullish run.
We continue to quickly analyze the prices of Ethereum against long-term Bitcoin.
ETH / BTC – LONG TERM – DAILY TABLE
Analyzing the price action for ETH / BTC, we can see that the long and steep price drop had reached support in September in a combined support area that contained many levels of downward Fibonacci extension around at the SATS 0.028816 handle.
When ETH / BTC reached this level, the market rebounded slightly, and then kept trading sideways. We can see that the price action is now exchanged for resistance provided by the Fibonacci 1,272 extension level (drawn in black) at the price of 0.034011 SATS.
Let's take a closer look at the price action for ETH / BTC in the shorter period.
ETH / BTC – SHORT TERM – DAILY TABLE
By inspecting the market price action on a closer timescale, we can see that after the rebound, the market continued to produce a 38% price increase. ETH / BTC started at a low of 0.026901 SATS on 12 September 2018 and rose to a maximum of 0.037649 SATS on 22 September 2018.
After reaching the highest level, the market reversed and refused to find support below the short-term level .618 Fibonacci Retracement at a price of 0.031023 in October 2018. This price level supported the market very well during the second half of October 2018, preventing the stock price from falling further lower.
Going forward, if the bullish pressure continues to push ETH / BTC above the resistance at 0.034011 SATS, we can expect that the highest immediate resistance is at the Retracement Fibonacci 0.236 level at the price of 0.035029 SATS, followed by the price of September 2018 to 0.037649 SATS.
If buyers can continue to push prices further, we can expect the above resistance to be localized to Fibonacci 1,272 and 1,618 extension levels (drawn in purple), priced at 0.040629 SATS and 0.044337 SATS respectively.
On the other hand, in our bearish scenario, if sellers are grouping together and pushing lower price action, we can expect immediate support below the .5 and .618 levels of Retrospie Fibonacci for the price of 0 , 032284 SATS and 0.031023 SATS, respectively.
Further support below this can be found at the Fibonacci retracement level .786 at the price of 0.029226, followed by the low of September 2018 at the price of 0.026901 SATS.