Ethereum crossed resistance at $198 and broke the $200 level with a 9.5% price gain. The cryptocurrency managed to climb up to $220 today before dropping slightly to $216.
Ethereum is now on its way to recovering all the losses seen in the March market crash caused by the Coronavirus pandemic panic.
Need to continue higher to break above $250 to fully recover all losses, however, with the recent break above $200 it is a good way to go.
Looking at the daily chart above, we can clearly see that Ethereum is struggling at the $200 resistance level for the past 3 days. Coin made several attempts to break above but failed on every attempt.
In today’s trading session, we can see that ETH managed to surge past the $200 level. That was largely a result of Bitcoin’s climb much higher as it broke above the $8,000 level to hit as high as $8,800 before dropping.
We can see that after breaking through $200, ETH continued to climb higher until meeting the resistance at $218 provided by the bearish .786 Fibonacci Retracement level – measured from March high to low.
Short Term Prediction: BULLISH
Ethereum is now definitely bullish in the short term. In order to turn neutral, the coin must drop back below $200. It has to fall further below $170 before it is considered bearish.
If buyers continue higher than the $218 resistance, we can expect additional resistance at $223 (1,414 Fib Extension), $235 (bearish .886 Fib Retracement), $240, and $250.
Towards the downside, support lies at $210, $200, $191, and $180.
Support: $210, $200, $190, $180, $170, $160, $150, $145, $140, $135.
Resistance: $218, $223, $235, $240, $250, $260, $280.