Ethereum Upside Limited until the bulls break above $ 225

Ethereum appears to be a small price increase of + 0.15% from the last trading session. The market is now trading hands at a price of around $ 210.22 after seeing a relatively stable 7-day period in which price action has only moved 0.69%.

Key points:

• Ethereum has slightly moved back from the November price of $ 225.
• The market has found significant support at the Fibonacci retracement level of .5 at the price of $ 209.16.
• Progress levels in progress: $ 209.16, $ 205.38, $ 202.82, $ 200.00, $ 197.84, $ 194.84, $ 193.15.
• Resistance levels go on: $ 212.80, $ 217.62, $ 222.78, $ 225.83, $ 229.47, $ 234.68.

The cryptocurrency number 2 currently maintains a market capitalization size of $ 21.69 billion. The currency has seen a price increase of 30 days equal to 4.45% after a turbulent 90-day period in which the share price has fallen by -24.74%. The 39 month currency is now trading at a price that is -84% from the high price of all time.

We continue to analyze short-term price action and highlight any areas of support and resistance.

Price analysis of Ethereum

ISTH / USD– SHORT TERM – DAILY TABLE

Analyzing the market from the short-term perspective above we can see that after the rebound from the 1,414 Fibonacci Extension level support (drawn in green) at the price of $ 194.84 on October 31st, the market then continued to create a 16% price increase, rose to a maximum of $ 225 on November 7, 2018.

The market has been very close to reaching our initial price target at the Fibonacci 1,272 extension level at the price of $ 225.83, but has slightly decreased. The price action is over and has started to retrace. Ethereum has recently found significant short-term support. 5 Fibonacci retracement level (drawn in blue) priced at $ 209.16.

The price action is now exchanged with the resistance created by the short term .382 Fibonacci retracement level at the price of 212.80 $. If buyers can progress and overcome this level of resistance, we can expect the immediate resistance above to be expected at the Fibonacci Retrospiatal 0.236 level (drawn in blue) for $ 217.62, followed by the November high price of $ 225.

If the bulls can continue to put pressure on the market above the $ 225.83 handgrip, we can expect further higher endurance to then be at Fibonacci Retracement levels 1.414 and 1.618 (drawn in purple). priced at $ 229.47 and $ 234.68 respectively.

On the other hand, in our bearish scenario, if sales pressure continues to push down prices, we can expect immediate short-term support. 5 Fibonacci retracement level (drawn in blue) priced at $ 209.16 followed by the .618 and .786 Fibonacci retracement levels (traced in blue) priced at $ 205.38 and $ 200.00.

If the downward momentum continues to push the prices further below $ 200, we can therefore expect that the underlying support will be at the 1.27 and 1.141 Fibonacci Extension levels (abstracted in green) on the downside respectively $ 197.84 and $ 194.94.

The RSI has swung around the handle 50, not really showing much positivity towards any direction. If the RSI can break above the 50 limit and continue to rise higher, this would mean that the bulls are now back to check the market's impetus.