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

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

The State Of Illinois Legalizes Blockchain-Based Smart Contracts

The US State of Illinois made a massive step towards further blockchain adoption. According to the Blockchain Technology Act, which took effect on January 1st, blockchain-based smart contracts satisfy the law under certain circumstances. Smart Contracts Admissible In Court One of the biggest challenges in front of regulators when it comes to crafting legislation for the cryptocurrency field is definitions. The SEC, for instance, has been struggling for quite some time before stating that Bitcoin and Ether (ETH) are not considered securities, while other digital assets launched in Initial Coin Offerings, for instance, pertain to that definition. The State of Illinois, however, has made a serious step towards regulating blockchain-based technologies with the Blockchain Technology Act . The bill, which is sponsored by Rep. Keith Wheeler, took effect on January 1st, 2020, and one of the first things that it addresses is the very definition for blockchain itself. “Blockcha...
Post a Comment
Read more

Bitcoin Opens 2020 With Untypical Stability: Tuesday’s Crypto Market Watch

Bitcoin marked the end of 2019 at around $7,150, which is a notable increase of over 90% since January 1st.  Looking at the price on a smaller time frame, BTC has decreased by 1% in the last 24 hours and is currently trading at $7,190. Just yesterday, the largest cryptocurrency attempted to break the $7,400 resistance but to no avail. Part of the reason could be related to the CME price gap at around $7,300, and as it often happens, it was filled in less than 24 hours. If BTC is to increase, it has to break the $7,400 resistance line and $7,700 would follow next. However, if bears take charge, the most notable support lies at $7,000, followed by $6,800 and $6,500. Most altcoins are recording similar price movements of around 1% up or down within the last 24 hours, keeping Bitcoin’s dominance over the entire market at above 68%. Ethereum is at $131; Ripple ranges for several days at around $0,193, and Binance Coin – $13.78. Bitcoin SV is close to $100, recording the m...
Post a Comment
Read more