Skip to main content

Ethereum Price Analysis: ETH Unable To Gain Momentum For $220 As It Falls Against Bitcoin


  • Ethereum saw a 1% price hike today as the coin rises to the $208 level.
  • It still needs to take out the $220 resistance to be able to push higher.
  • Against Bitcoin, ETH continues to struggle as it breaks beneath the 200-days EMA support level.
Key Support & Resistance Levels
ETH/USD:
Support: $200, $194, $187.
Resistance: $211, $220, $225.
ETH/BTC:
Support: 0.0223 BTC, 0.022 BTC, 0.0213 BTC.
Resistance: 0.0227 BTC, 0.023 BTC, 0.0236 BTC.
ETH/USD: Ethereum Pushed Higher By BTC
Ethereum has been trapped within a range between $215 and $194 during May 2020. It pushed higher today from the $202 level as it reached $208. However, it is important to note that this is not a push from the ETH bulls but rather a result of BTC breaking above $9,000 again.
Nevertheless, ETH is moving upward, but it still has to face the resistance at $220 (1.272 Fib Extension) if it wants to continue.
ETH/USD Short Term Price Prediction
The first level of resistance lies at $211. Above this, resistance is located at $220 (1.272 Fib Extension), $225, and $230 (1.414 Fib Extension). This is followed by additional resistance at $244 (bearish .786 Fib Retracement).
On the other side, the first level of support lies $202 (.236 Fib Retracement). Beneath $200, added support is found at $194, $187 (.382 Fib Retracement), and $180 (200-days EMA).
The RSI has leveled out above the 50 level as the bulls refuse to give up on their hold of the market momentum.
ETH/BTC: ETH Breaks Beneath The 200-days EMA.
Ethereum’s struggle against Bitcoin continues as it recently dropped beneath the 200-days EMA at 0.0227 BTC. The coin is now trading at 0.0225 BTC after falling for the past 2-weeks from the 0.026 BTC level and looks to be headed lower.
For Ethereum to really surge against the USD, ETH must reverse this downtrend against BTC at the next support level (0.0223 BTC) to stop the ETH/BTC decline.

ETH/BTC Short Term Price Prediction
If the sellers continue to drive ETH lower, the first level of support lies at 0.0223 BTC (.618 Fib Retracement). Beneath this, support lies at 0.022 BTC, 0.0213 BTC (.786 Fib Retracement), and 0.021 BTC.
On the other side, if the bulls can reverse at 0.0223 BTC, resistance will be located at the 200-days EMA (0.0227 BTC), 0.023 BTC, and 0.0236 BTC.
The RSI has reached oversold conditions and is ready to bounce higher to show the selling momentum is fading. Furthermore, the Stochastic RSI is in oversold conditions as well and is primed for a bullish crossover to push ETH/BTC upward.

Comments

Post a Comment

Popular posts from this blog

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more

Tether Continues Printing Spree: Mints 480 Million USDT In First Week Of May

Tether is not slowing down in its USDT printing spree. The amount of tokens the stablecoin issuer has minted within the last week now equals what it printed in the first half of April. Tether Prints 480 Million USDT In 5 Days Records from Whale Alert suggest that the Tether Treasury has printed five batches of fresh tokens in the last five days, totaling 480 million USDT ($480.4 million), which was the same amount with what was minted within the first 14 days of the previous month. In a previous report , Tether created a whopping 1.58 billion USDT (appr. $1.586 billion) in April alone, making it one of the busiest months for the company’s Treasury in terms of minting new tokens. The company printed 220 million USDT ($220.4 million) on Thursday alone, and 100 million USDT ($99.8 million) more today. If the stablecoin’s printer continues producing more tokens at this rate, then we will likely see almost twice as much as the figure in April. At the time of writing, the USD...
Post a Comment
Read more