Ethereum Epic 10% Surge Signals Potential Push To $200 Ahead
- Ethereum saw an impressive 10% price surge today as the cryptocurrency reaches the $180 resistance level.
- Ethereum managed to find support at a rising support trend line which allowed the market to rebound.
Ethereum surged by a total of 10% today after rebounding from support at around the $150 level, where lies a rising support trend line. Ethereum had been trending lower over the past 8-days of trading after rolling over from resistance at around $176.
This latest price increase has now allowed Ethereum to return back into the resistance at $178. It must break and close above $176 if we would like to see it move higher toward the $200 level.
Ethereum Price Analysis
ETH/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see Ethereum trending lower over the past week of trading. It was struggling to break above resistance at the $160 level for the past few days which caused it to dip lower into the support at the rising support trend line today.
From here, Ethereum surged much higher to break above the $160 resistance and reach a higher level of resistance at $171.89 which is provided by a bearish .5 Fib Retracement level – measured from the March high to low.
Short term prediction: BULLISH
If ETH can close above $176 we would consider the market to be bullish moving forward. It would need to drop back beneath $150 to be considered as bearish.
If the bulls break $172, the first level of resistance lies at $176.50 (1.414 Fib Extension). This is followed by resistance at $180, $187 (1.618 Fib Extension), $191 (bearish .618 Fib Retracement), and $200.
On the other hand, if the sellers push the market lower, we can expect strong support at $160. Beneath this, support lies at $153 (.236 Fib Retracement), $150, and $140.
Key Levels
Support: $160, $155, $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.
Ethereum managed to find support at a rising support trend line which allowed the market to rebound.
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 Thu, 16 Apr 2020 20:52:42 +0000
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