|Key ETH resistance levels||$278, $290, $298, $300, $315, $334|
|Key ETH support levels||$271, $260, $247, $240, $228, $200|
*Price at the time of publication
Ethereum ETH, 1.38% has now seen an 8% price surge over the past 7 trading days, allowing the cryptocurrency to rise above the $270 level to where it is currently trading around the $275 level. The Ethereum market has experienced a 76% price increase over the past 30 trading days, with a further 96% price increase over the past 90 trading days.
The cryptocurrency remains ranked in 2nd position as it presently holds a $29.13 billion market cap valuation.
Ethereum price analysis
What has been going on?
Analysing the ETH/USD daily chart above, we can see that Ethereum has now managed to rise above the resistance at $271 to reach $275. Ethereum has been struggling to break above the $270 level during most of May 2019 and therefore this strong resistance should now act as strong support moving forward.
Ethereum price short term prediction: Bullish
Ethereum remains bullish in the short term price prediction. For this bullish trend to be invalidated, we would need to ee Ethereum fall and break beneath the $228 support level. For this market to be considered bearish, once again, we would need to see ETH break beneath $200.
If the sellers do take control of the market momentum, we can expect immediate support toward the downside to be located at the $270 level. Beneath $270, further support lies at $250, $247, $240 and $228.
Ethereum price medium term prediction: Bullish
Over the medium term, Ethereum remains bullish as well. After a 96% price increase over the past 3 months, it is difficult to not see this market as bullish.
If the bullish pressure continues to cause ETH/USD to climb further higher, we can expect immediate resistance above the market to be located at the $278 level. Above this, further resistance can then be expected at $290 and $298. The resistance at $298 is significant due to the long term bearish .5 FIbonacci Retracement level (drawn in red) being located in this area. This bearish Fibonacci Retracement level is measured from the July 2018 high to the December 2018 low.
If the buyers continue above $300, further higher resistance is then to be expected at the short term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $315 and $334.
What are the technical indicators reading?
Currently, the technical indicators are positioned to deliver a strong bullish signal moving forward. The Stochastic RSI is currently trading within the oversold territory and is ready for a bullish crossover which would see the momentum within the market increase significantly. The RSI itself is also above the 50 level which indicates that the bulls are still in control of the market momentum.
Taking things 1 step further, we can see that during mid-May 2019, the 50 EMA crossed above the 200 EMA to deliver a Golden Crossover signal which is a very strong long term bullish signal.