- Ethereum surged by a total of 9.5% today to bring the price of the coin up above $200.
- The bulls have now fully taken control of the market with this latest price explosion.
Ethereum passed the resistance at $198 and blasted past the $200 level with a 9.5% price increase. The cryptocurrency managed to climb as high as $220 today before dropping slightly into the $216 level.
Ethereum is now well on the way to recovering all of the losses seen in the March market collapse which was caused by the Coronavirus pandemic panic. It needs to continue higher to break above $250 to completely recover all the losses, however, with the recent break above $200 it is well on the way to doing so.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can clearly see that Ethereum was struggling at the $200 resistance level over the past 3-days. The coin made several attempts to break above but failed on each attempt.
In today’s trading session, we can see that ETH managed to surge well past the $200 level. It was largely a result of Bitcoin climbing much higher as it penetrated above the $8,000 level to reach as high as $8,800 before falling.
We can see that after breaking $200, ETH continued to rise higher until it met resistance at $218 which is provided by a bearish .786 Fibonacci Retracement level – measured from the March high to low.
Short term prediction: BULLISH
Ethereum is now most certainly bullish in the short term. For it to turn neutral, the coin would need to drop back beneath $200. It would need to fall further beneath $170 before being considered as bearish.
If the buyers continue higher from the $218 resistance, we can expect added resistance at $223 (1.414 Fib Extension), $235 (bearish .886 Fib Retracement), $240, and $250.
Toward the downside, support lies at $210, $200, $191, and $180.
Support: $210, $200, $190, $180, $170, $160, $155, $150, $145, $140, $135.
Resistance: $218, $223, $235, $240, $250, $260, $280.
Source: Coin GApe