ETH / USD – Ethereum returns to June 2018 price levels
Key support levels: $ 550, $ 521, $ 500.
Key resistance levels: $ 580, $ 600, $ 620.
Ethereum broke through the $ 500 level for the first time in 2020 last Friday, jumping into the $ 511 resistance. Yesterday the bulls continued to push ETH even higher by closing the day slightly above the resistance of $ 548 (bearish retracement of 0.618 Fib).
Today, after retesting the same resistance of $ 511 at its support level, the bulls broke through $ 550 to reach $ 568.50 – where they encountered resistance at a 1.414 Fib extension and at the time of ‘Write these lines – ETH is trading at this level. This latest price spike has put Ethereum to a new 30-month high, as it hit prices not seen since June 2018.
ETH-USD Short Term Price Prediction
Looking ahead, once the bulls break through $ 568.50 – $ 570, the first level of resistance is expected at $ 580. Next is the resistance at $ 600 (1.618 Fib Extension and psychological level). If the bulls continue above $ 600, resistance stands at $ 620, $ 650, and $ 675 (bearish Fib retracement of 0.786).
On the other side, the first level of support is at $ 550. Below, support lies at $ 521 (.236 Fib), $ 500 and $ 470 (.5 Fib).
The RSI is in overbought territory and was the highest since early August – suggesting the bulls may overshoot slightly and a correction may be ahead before new highs.
ETH / BTC – Bulls rebound in 100 day EMA.
Key support levels: 0.03 BTC, 0.0295 BTC, 0.0289 BTC.
Key resistance levels: 0.0313 BTC, 0.032 BTC, 0.033 BTC.
Against Bitcoin, Ethereum rebounded from 6-month lows at 0.0265 BTC on Friday. It pushed up to 0.0295 BTC yesterday where it encountered resistance at the 200 day EMA. During the uptrend, Ethereum also managed to break a 3 month old bearish trendline as seen in the following chart.
Today, buyers continued beyond the 200 day EMA pushing above the 0.03 BTC resistance to reach the nest resistance level at 0.0305 BTC (100 day EMA) , at the time of this writing.
ETH-BTC Short Term Price Prediction
Looking ahead, if the bulls break resistance at the 100 day EMA, the first resistance level is expected at 0.0313 BTC (1.414 Fib Extension). Above that, resistance stands at 0.032 BTC (1.618 Fib Extension), 0.033 BTC, and 0.0337 BTC (March 2019 support).
On the other side, the first level of support is at 0.03 BTC. Below, support is at 0.0295 BTC (.236 Fib and 200 days EMA), 0.0289 BTC (.382 Fib) and 0.0285 BTC (February 2020 high).
The RSI recently came back in favor of the bull by breaking the midline. Additionally, the Stochastic RSI also produced a bullish cross signal which supported the rebound.
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