Ethereum has seen a small decline in prices of -0.45% in the last 24 hours of trading. The cryptocurrency is currently traded at a price around $ 209.08 after seeing a 7-day price increase of + 5.55%.
- Ethereum has recently passed the $ 200 again.
- The market met resistance to the Fibonacci 0.5 retracement level, with a price of $ 212.80.
- Support to move forward; $ 202, $ 200, $ 197, $ 194, $ 188, $ 184, $ 180, $ 171.
- Resistance advancing; $ 212, $ 222, $ 225, $ 229, $ 234, $ 245, $ 253, $ 266.
Ethereum is still ranked 2nd in terms of market capitalization across the industry. It currently holds a total market capitalization value of $ 21.41 billion after having undergone a 90-day trading period, in which the share price fell by -45%.
The 39-month currency now trades at less than 85% of the ATH price.
We continue to analyze short-term price action and highlight any potential support and resistance areas in the future.
Price analysis of Ethereum
ETH / USD – SHORT TERM – DAILY DAILY
Analyzing the short-term price action, we can see that Ethereum recently exceeded the $ 200 limit after suffering for a few trading days below the value of $ 200. We can see that the market is still trapped in the market. the previous swing band that saw the price action start at a low of $ 167 and go up to a maximum of $ 255 in September 2018.
We can see that the recent price increase saw Ethereum encounter resistance to the Fibonacci retracement level of .5 at the price of $ 212.80. When the market reached this area, buyers lost control causing a slight rise in price trends.
Moving forward, in our bullish scenario, if buyers can push price action above resistance at $ 212.80, we can expect the highest immediate resistance to be at the Fibonacci retracement level of .382. at the price of $ 222.78. We can therefore expect more resistance above the short-term levels 1414 and 1.618 Fibonacci Extension (Drawn in purple) at the price of $ 229 and $ 234 respectively.
If the bulls are able to push even higher, more resistance can be expected above the long-term levels of 1,227 and 1,414 Fibonacci Extension (extracted in green) for $ 245 and $ 253 respectively. The last level of resistance shown above is the long-term Fibonacci 1.618 extension level (drawn in green) for $ 266.
Alternatively, from the bearish side of the equation, if sellers further push the bear market, we can expect immediate support at the Fibonacci retracement level of .618 at the price of $ 202 followed by the short-term decline of 1,272 and 1,414 Fibonacci extension levels (drawn in green) for $ 197 and $ 194 respectively.
If sellers continue to push prices even further down, we can expect more support below the .786 and .886 levels of Retrospie Fibonacci, with a price of $ 188 and $ 180 respectively.
The last significant level of support below to highlight is the level of extension of Fibonacci 1.618 downward (drawn in dark blue) for the price of $ 171.34.
The RSI is showing favor to the bulls at this time over time, as it is marginally above the grip 50. If it can remain above the 50 limit, we can expect this market to continue to rise higher.