- Etheruem continued to increase by 5.20% today to reach $285.
- The cryptocurrency has been on a rampage after breaking $250 as it approaches $300.
After a brief slow down in pace, ETH continued to rise by 5% to reach the resistance at $285 before rolling over. The cryptocurrency has since dropped back into the support at $280.
Ethereum has been the second strongest performing top 10 cryptocurrency over the past 30-days after increasing by a total of 76%. It was only beaten by Tezos which increased by 152% over the same period.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Ethereum continued to rise past the resistance at $271 as it reached as high as $285. It looks to be well on the way toward $300 and is unlikely to stop until it reaches this level.
Short term prediction: BULLISH
Ethereum remains bullish with only a drop beneath $220 changing the market into a neutral trading condition.
If the sellers continue to push beneath the current support at $278, the next level of support lies at $271. Beneath this, additional support lies at $260, $256 (.236 Fib Retracement), and $250. IF the selling continues, added support lies at $240, $235, and $225.
On the other hand, if the bulls can rebound at $278 and continue above $285, resistance is expected at $290 (1.272 FIb Extension). Above this, resistance lies at $298 which is provide dby a long term bearish .5 Fib Retracement and bolstered by a short term 1.414 Fib Extension.
If the bullish pressure continues to drive ETH above the $300 level, higher resistance lies at $310 (1.618 Fib Extension), $315, and $334.
One important technical indicator to highlight is the incoming cross of the 100-days EMA above the 200-days EMA. If this crossover happens, this will send a very strong signal to the bulls that a longer-term trend is about to form over the following few months.
Support: $279, $271, $260, $250, $247, $240, $235, $230.
Resistance: $285, $290, $298, $300, $310, $314, $334.
The cryptocurrency has been on a rampage after breaking $250 as it approaches $300.
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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.