Can ETH Hit $200 This Week? It Will If It Can Breach THIS Bearish .618 Fib Retracement Resistance
- Ethereum saw a strong 5.2% price hike over the past 24 hours, bringing the price of the coin above $180.
- The cryptocurrency had found support earlier in the week at $170 and rebounded from here.
Ethereum saw a 5.2% price surge over the past 24 hours which allowed the coin to rise back above $180. The coin had been trading at $170 earlier in the week after rolling over from the $187 resistance seen at the weekend.
Ethereum must now go on to break above $187 for it to be eligible to make a run at the $200 mark.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see Ethereum rolling over from the resistance at $187 this weekend. The resistance here is provided by a 1.618 Fibonacci Extension level. After reversing, the cryptocurrency dropped into the support at $170 and managed to rebound from here today.
Short term prediction: BULLISH
Ethereum remains bullish in the short term but it must break above the resistance at $187 for this bull run to continue. It would need to drop beneath $150 now to be considered as bearish in the short term.
The first level of higher resistance lies at $187. Above this, resistance is located at $191 (bearish .618 Fib Retracement) and then $200. If the buyers can break above $200, added resistance is located at $210 and $218 (bearish .786 Fib Retracement level).
On the other side, if the sellers step in and push ETH back beneath the support at $180, added support is located at $170, $167 (.236 Fib Retracement), $160, and $152 (.382 Fib Retracement).
The RSI has now bounced up above the 50 line which indicates that the bulls have taken charge of the market momentum. For us to see ETH breaking above $200, we must see the RSI rising higher.
Key Levels
Support: $180, $170, $160, $155, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76.
Resistance: $187, $191, $200, $205, $210, $213, $220, $227.
The cryptocurrency had found support earlier in the week at $170 and rebounded from here.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Wed, 22 Apr 2020 21:00:15 +0000
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram