Ethereum

Ethereum Price Analysis – ETH Rebounds From November 2018 Resistance, Can We Continue Above $250?

single-image


Ethereum price $243
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.

Buy/Sell Ethereum (ETH)

How to buy Ethereum on Binance?

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.

Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potential of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.


Read Article

You may also like

Altcoin

IOTA Price Analysis: Bearish Trend Seems to Completely Encircle IOTA (MIOTA)

single-image


There are no positive vibes expected for IOTA yet. Already, there are so many altcoins which are continuously losing their worth day after day to the erratic and turbulent BTC. The recent growth of BTC and other cryptocurrencies has not really affected the growth of altcoins like IOTA. Despite bringing new updates, IOTA is still not able to hold up its value and is continuously plunging down at a steady pace. This is really ruffling, so far its sustenance in this turmoil market is concerned.

Current statistics from IOTA Chart:

  • Price in USD: 0.4325 USD
  • Price in BTC: 0.00004729 BTC (05:37 UTC)
  • Circulating supply: 2,779,530,283 MIOTA
  • Market rank: 16
  • Market cap: 1,203,149,464 USD

IOTA to USD Price Predictions:

IOTA Price Chart -...
</p>
<aside class=
3.1k
SHARES


View More Articles
Blockchain

Blockchain Experts Slam Facebook’s Libra Cryptocurrency

single-image


By CCN Markets: A lot has already been said about Facebook’s Libra cryptocurrency and its ambition to disrupt the finance world. But what about the blockchain technology that powers it? 

Blockchain experts have poured over the technical documents and played with the Libra protocol testnet. Suffice to say, they’re not convinced about Libra’s claims.

1.7k
SHARES


View More Articles
Scams

Five Korean Crypto Exchanges Revise Their Terms of Service

single-image


Five South Korean-based cryptocurrency exchanges have opted to revise their terms of service in favor of their users as requested by the country’s Fair Trade Commission more than a year ago. In the recent revisions, the five exchanges will now take liability for any losses resulting from exchange hacks even in the cases where it is not proved to be a failure of their systems.

The news was shared by the local news media, the Yonhap News Agency on Monday, June 17th stating that:

“Five cryptocurrency exchanges have changed their terms of service in a way that they can be liable for problems caused by potential cyber-attacks or system malfunctions, even if operators are not…



View More Articles
Altcoin

Litecoin [LTC] Foundation Partners with Bibox and Ternio to Offer a Physical Debit Card

single-image


Litecoin Foundation, the non-profit foundation behind one of the leading altcoins by market capitalization Litecoin has partnered with Bibox Exchange as Ternio, a blockchain company to enable cryptocurrency payments through Ternio’s debit card. Ternio already provides its users a debit card called The BlockCard, which is a physical debit card.

This partnership will see the three entities launch a special edition BlockCard that will only be available for spending Litecoin [LTC], Bibox’s and Ternio’s native cryptocurrencies BIX and TERN tokens respectively.

“The soon to be released debit card will enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted,” a notification by the Litecoin Foundation states.

According to the notification, the special edition BlockCard will be integrated into the Bibox Exchange as well as the…



View More Articles
Altcoin

Monero Market Capitalization Reaches $1.66 Billion (XMR)

single-image


Monero (CURRENCY:XMR) traded 1% lower against the US dollar during the 24 hour period ending at 21:00 PM E.T. on June 18th. During the last seven days, Monero has traded 11.8% higher against the US dollar. Monero has a market capitalization of $1.66 billion and $217.76 million worth of Monero was traded on exchanges in the last day. One Monero coin can now be bought for $97.61 or 0.01064667 BTC on major exchanges including Coindeal, Exmo, Waves Decentralized Exchange and BTC-Alpha.

Here is how similar cryptocurrencies have performed during the last day:

  • Bytecoin (BCN) traded down 6.5% against the dollar and now trades at $0.0010 or 0.00000011 BTC.
  • Aeon (AEON) traded 7.6% higher against the dollar and now trades at $1.01 or 0.00010993 BTC.
  • DigitalNote (XDN) traded down 4.6% against the dollar and now trades at $0.0017 or…


View More Articles
Bitcoin

Bitcoin Price Will ‘Easily’ Blast Beyond All-Time High Soon: Wall Street Analyst

single-image


Published:

19/06/2019 01:25

EST. Journalist:

By CCN Markets: Speaking to CNBC’s Futures Now, Fundstrat co-founder and head of research Thomas Lee said that considering the momentum of bitcoin, the dominant crypto asset is likely to take out its all-time high very soon.

“Well, you know I think bitcoin ultimately becomes a reserve currency in crypto, bitcoin at $9,000 has only been at this level in four percent of its history. We’re deep into a bull market and people are pretty silent about it. I think bitcoin is easily going to take out its all-time high,” said Lee.

Lee’s optimistic projection of bitcoin comes after the asset recorded a 113 percent increase in value since April within a two-month span from $4,310 to $9,200.

Why analysts are so optimistic about bitcoin price at this current phase

Historically, as a…



View More Articles
Do NOT follow this link or you will be banned from the site! Scroll Up
error: ©2019 All Rights Reserved.