Ethereum has seen a small price uptick totalling +0.21% over the past 24 hours of trading. The Ethereum market is now exchanging hands at a price of $119.31 after suffering a -3.88% price decline over the past 7 trading days.
Ethereum has recently bounced higher from a strong support zone around the $108 handle.
The market upside is limited until price action breaks back above $121.89.
Support moving ahead; $115, $111.98, $108, $106, $100.
Resistance moving ahead; $121, $132, $135, $140, $148, $154, $162, $177, $197.
Ethereum remains in 3rd position in terms of overall market cap rankings as it presently holds a total market cap value of around $12.35 billion. Ethereum holders have seen a disastrous 30 day trading period as the market has dropped a significant -39% and an even worse 90 day trading period where the market had dropped by over -58%.
The 40 month old coin is now exchanging hands at a price that is 91% lower than the all time high value.
Let us continue to analyse price action for ETH/USD over the short term and provide some support and resistance levels moving forward.
Ethereum Price Analsis
ETH/USD – SHORT TERM – 4HR CHART
From the short term 4HR chart above we can see that Ethereum had found stability in our previously highlighted combined support area provided by 2 downside 1.618 Fibonacci Extension levels (drawn in orange and purple) priced in the $106 – $108 price region.
We can see that after hitting this support the market has managed to rebound but is now currently trading at resistance provided by the short term downside 1.414 Fibonacci Extension level (drawn in purple) priced at $121.89.
Moving forward, if the bulls can continue with their recovery and push ETH/USD above the $121.89 resistance level we can expect immediate higher resistance above to then be located at the short term downside 1.272 FIbonacci Extension level (drawn in purple) priced at $132.28. Further significant resistance above this can then be located at the 100 day moving average price level which presently hovers around the $140 level.
If the buyers can continue even higher with their ascent then we can expect more resistance above to be located at the short term bearish .382 and .5 Fibonacci Retracement levels (drawn in red) priced at $148.23 and $162.72 respectively. This Fibonacci Retracement is measured from the entire bearish swing seen during November 2018.
Alternatively, in our bearish outline, if the sellers re-enter the market and begin pushing price action lower again we can expect immediate support below to be located at the aforementioned combine support area at $106 – $108 provided by the two downside 1.618 Fibonacci Extension levels.
If the sellers continue to drive price action even further lower we can then expect more support below to be located at the long term downside 1.618 FIbonacci Extension level (drawn in green) priced at $100.46.
The RSI has recently broken above the 50 handle on the 4HR time frame which indicates that the bulls have regained control of the market momentum in the short term. If the RSI can remain above the 50 handle we can expect ETH/USD to travel higher.
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