Ethereum has seen a small price increase of + 0.21% in the last 24 hours of trading. The Ethereum market is now trading at a price of $ 119.31 after suffering a -3.88% drop in prices over the last 7 trading days.
Ethereum has recently rebounded higher from a strong support zone around the $ 108 handle.
The market upturn is limited as long as price action does not return above $ 121.89.
Support to move forward; $ 115, $ 111.98, $ 108, $ 106, $ 100.
Resistance that goes on; $ 121, $ 132, $ 135, $ 140, $ 148, $ 154, $ 162, $ 177, $ 197.
Ethereum remains in 3rd place in terms of overall market capitalization rankings, as it currently holds a total capitalization value of approximately $ 12.35 billion. Holders of Ethereum witnessed a disastrous 30-day trading period as the market recorded a significant fall of -39% and an even worse trading period of 90 days when the market had fallen by more than -58% .
The 40-month currency now exchanges hands at a price that is 91% lower than the high value of all time.
We continue to analyze the prices for the short-term ETH / USD and provide some levels of support and resistance in the future.
ETH / USD – SHORT TERM – 4HR TABLE
From the 4HR short-term chart above we can see that Ethereum had found stability in our previously highlighted combined support area provided by 2 downward Fibonacci 1,618 extension levels (drawn in orange and purple) at price in the $ 106 to $ 108.
We can see that, after hitting this support, the market managed to rebound, but is currently negotiating the resistance provided by the short-term downtrend 1.414 Fibonacci Extension (drawn in purple) for $ 121.89.
Going forward, if the bulls can continue with their recovery and push ETH / USD above the resistance level of $ 121.89, we can expect a higher immediately higher resistance and then find a short-term downside. 1.272 Extension level of FIbonacci (drawn in purple) for $ 132.28. A further significant resistance above this can then be located at the 100 day moving average price level currently around the $ 140 level.
If buyers can continue even higher with their ascent, then we can expect more resistance to be found at the short-term retracement levels .382 and .5 Fibonacci (drawn in red) for $ 148.23 and $ 162. , 72 respectively. This Fibonacci retracement is measured by the entire bearish oscillation observed in November 2018.
Alternatively, in our bearish profile, if sellers re-enter the market and start pushing prices again, we can expect the immediate support below to be located in the aforementioned support area for combine harvesters at $ 106- $ 108 provided by the two levels of Fibonacci extension 1.618 on the downside.
If sellers continue to drive lower prices, we can therefore expect additional underlying support to be localized on the long-term downwards 1.618 of the FIbonacci extension level (drawn in green) for $ 100 , 46.
The RSI recently exceeded the limit of 50 on the 4HR quadrant, which indicates that the bulls have regained control over the short-term market momentum. If the RSI can remain above the handle 50, we can expect the ETH / USD to travel higher.