*Price at the time of publication
Ethereum has seen a slight rebound from the recent -12.6% price fall that was witnessed over the past 7 days of trading. The ETH market had managed to find some strong support around the $240 area, which is close to where Ethereum is trading right now.
Before the recent price decline, Ethereum had seen a 40% price surge over the previous 30 days with and a rather impressive 77% price jump over the previous 90 trading days. Ethereum remains ranked as the second biggest cryptocurrency, as it currently holds a $26.05 billion market cap.
Ethereum price analysis
What has been going on?
Since our previous ETHUSD analysis, we can see that Ethereum continued to fall further beneath the support at $247, but the bulls managed to defend the $240 level aggressively, causing the market decline to stall.
Ethereum is now trading in the $240 - $247 range - with a breakout in either direction dictating where the market will head next.
Ethereum price short term prediction: Neutral
The short term price prediction is currently neutral, although a hint of bullishness is starting to enter the market. The short term trend will return to a bullish scenario if Ethereum can regain some ground above the $247 level.
If Ethereum does fall beneath the current strong support at $240, we can expect immediate support below to be located at $225, $220, $215 and $200. If the sellers drive ETHUSD beneath the $200 level, we can expect strong support to be located at $193.66. This level of support is bolstered by both the 100-day EMA and 200-day EMA converging in the same price area.
Ethereum price medium term prediction: Bullish
In the medium term, Ethereum is still bullish but the cryptocurrency will need to break above the $247 level. The resistance at $247 is provided by a long term bearish .382 Fibonacci Retracement level (drawn in red).
Further above $247, higher resistance is then to be expected at the $271 and $278 price levels. This range of resistance had proved to be too strong for the market during May 2019 and will provide significant resistance moving forward. The next level of resistance above $278 lies at $298.43, which is resistance provided by the long term bearish .5 Fibonacci Retracement level (drawn in red).
Above $300, higher resistance is then located at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $315 and $334, respectively.
What are the technical indicators reading?
Currently, the Stochastic RSI is in oversold territory and is primed for a bullish crossover signal above, which would send a bullish signal to all the buyers within the market. For a recovery, we would need to see the RSI rise and break back above the 50 level to indicate that the bulls are in charge of the momentum.
Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potential of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.
Ethereum has seen a slight rebound from the recent -12.6% price fall that was witnessed over the past 7 days of trading. […]