- Ethereum fell 2.5% today after struggling at the resistance level of $ 172.
- The cryptocurrency jumped 20% in total this week after falling from $ 145.
Ethereum saw a sharp 20% price increase this week after surpassing resistance at the $ 145 level. The cryptocurrency continued to climb to meet resistance at $ 172 which is provided by a bearish retracement level of Fibonacci .5.
Since reaching this resistance level, Ethereum has rolled and dropped to the $ 169 level, however, buyers are still in control.
Ethereum Price Analysis
ETH / USD – DAILY GRAPHIC – SHORT TERM
Since our previous ETH analysis, we can see that Ethereum continued to advance above the previous resistance at $ 145. It continued to rally past the resistance at $ 160 to reach $ 172, where it encountered resistance at the Fibonacci bearish level. 5.
In the past 4 days, the cryptocurrency has struggled with this level as it is struggling to overtake comfortably. It reached resistance of $ 177 (extension 1.414 Fib) but quickly fell below $ 172.
Today, the ETH has dropped below the resistance of $ 172 to trade at $ 169, however, with the RSI above the 50 level, buyers are still in control of the market dynamics.
Short term prediction: BULLISH
ETH can now be considered bullish in the short term and should fall below $ 160 before becoming neutral.
If buyers have successfully closed above $ 172, the first resistance level is at $ 176.50 (1,414 Fibonacci extension level). Above that, resistance is at $ 180, $ 187 (1.618 Fib extension), $ 191 (0.618 Fib bearish retracement) and $ 200.
Down, the first level of solid support is $ 160. Below, the support is at $ 150, $ 145, $ 140 and $ 135.
Support: $ 160, $ 150, $ 145, $ 140, $ 135, $ 130, $ 120, $ 116, $ 110, $ 104, $ 100, $ 92.85, $ 80, $ 76.
Resistance: $ 172, $ 176, $ 180, $ 191, $ 200, $ 205, $ 210, $ 213, $ 220, $ 227.
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