|Key ETH resistance levels||$247, $270, $275, $278, $298|
|Key ETH support levels||$240,$235, $226, $213, $200|
*Price at the time of publication
Ethereum has seen a small price rebound totalling 2% over the past 24 hours of trading, allowing the cryptocurrency to rise back towards the $244 price level. The coin has seen a steep 7% price drop over the previous 7 trading days, leading Ethereum beneath the support at $235 to rebound at the $226 level.
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Despite the recent price declines, we must remember that Ethereum is still up by a total of 40% over the past 30 days with a further 81% price surge over the past 3 months. Ethereum remains ranked in 2nd position amongst the top cryptocurrency projects by market cap value as it presently holds a $26 billion market cap valuation.
Ethereum price analysis
What has been going on?
Ethereum had rolled over at resistance around the $178 level toward the end of May 2019. The cryptocurrency then went on to fall further lower to reach support at the short term downside 1.272 Fibonacci Extension level (drawn in purple) priced at $226. This price level had also provided strong resistance for the market during November 2018 and has not flipped into strong support moving forward.
Ethereum has bounced at the aforementioned level of support and is now attempting to break back above $245.
Ethereum price short term prediction: Neutral
Although Etheruem is still bullish in the long term, we would like to see Ethereum rise and break above the $250 level before we commit to a bullish short term price prediction. The market is still a little shaky and this rebound could still potentially just be an intermediate short term recovery.
If the sellers do return and push the market lower, we can expect immediate support toward the downside to be located at the $235 and $226 levels. If price action falls beneath $226, further support is then located at the short term downside 1.414 and 1.618 Fibonacci Extension levels (drawn in purple) priced at $220 and $213. Beneath this, further strong support is located at $200 and $194.
Ethereum price medium term prediction: Bullish
After an 81% price increase over the past 3 months, Ethereum remains bullish over the medium term. The buyers will first need to overcome the resistance at the $250 level before climbing further higher.
Above $250, immediate resistance lies at the $270 and $278 resistance levels. Above this, further higher resistance is then located at the long term bearish .5 Fibonacci Retracement level (drawn in red) priced at $298.43. This Fibonacci Retracement is measured from the July 2018 high to the December 2018 low.
If the bulls climb above $300, further higher resistance then lies at $315, $334 and $349.
What are the technical indicators reading?
The Stochastic RSI is in the overbought territory as we wait for a bullish crossover signal higher. Furthermore, the RSI is at the 50 levels to indicate indecision within the market. If we would like to see ETHUSD climb higher, we will need to see the RSI break above the 50 level.