|Key ETH resistance levels||$270, $275, $278, $298, $300|
|Key ETH support levels||$247, $240, $228, $213, $200|
*Price at the time of publication
Ethereum has seen a 5% price decline over the past 24 hours of trading, bringing the current trading price for the cryptocurrency down to around $250 at the time of writing. The recent price drop follows Bitcoin‘s fall, which saw the world’s largest cryptocurrency drop through support at the $8,000 price level.
Regardless of the recent price drops, Ethereum is still up by a total of 53% over the past 30 days and holds a $26.60 billion market cap valuation.
Ethereum price analysis
What has been going on?
Analysing the daily ETH/USD chart above, we can see that Ethereum had struggled to make any movement above the $272 level before rolling over and falling. Ethereum then went on to fall into support at the previous bearish .382 Fibonacci Retracement level (drawn in red) priced at $247, where it is currently trading.
Ethereum price short term prediction: Neutral
Over the short term, the trend is currently neutral until price action continues to fall and breaks beneath the $228 support level, at which point the market would be considered as bearish in the short term.
If the sellers do manage to start to push Ethereum beneath the support at the $250 level, we can expect immediate support toward the downside to be located at the $240 level. Beneath this, further support can then be located at the short term .382 and .5 Fibonacci Retracement levels (drawn in green), priced at $228 and $213. If the sellers continue to drive Ethereum lower, the next level of strong support is to be expected at $200.
If the market falls beneath $200, there is strong support close beneath at the $193.66 level. This is a strong level of combined support provided by both the 100-day EMA and the 200-day EMA, and is therefore expected to act as a strong defensive line for ETH.
Ethereum price medium term prediction: Neutral
In the medium term, the market is also still considered to be neutral. Although Ethereum has seen a magnificent price increase over the past few months, we would need to see Ethereum break and close above the $275 level for the bullish trend to continue. If the buyers regroup and start to push ETH/USD higher, this will be the first level of resistance to contest moving forward.
Above $278, further higher resistance is then to be expected at the bearish .5 Fibonacci Retracement level (Drawn in red) priced at $298. If the buying continues above the $300 level, we can expect higher resistance to be located at the $315 and $334 levels.
What are the technical indicators reading?
The RSI has recently slipped beneath the 50 level, which indicates that the sellers have just gained control of the bearish momentum within the market. Furthermore, the Stochastic RSi is also trading within oversold territory, suggesting that this upcoming pullback should not last too long at all.
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.