Ethereum Analysis – Resistance Levels in Play – 15/05/19

It’s in the hands of the bulls now. As momentum kicks in, $300 levels could be in sight by the end of the week…
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Ethereum Price Resistance

It’s been a bullish start to the week for Ethereum. Following on from last week’s 18.9% rally, Ethereum is up by 12.9%, Sunday through Tuesday. After a bearish Sunday that saw Ethereum fall to a current week low $183.39, it’s been in the hands of the bulls all the way.

A 2.23% loss from Sunday was reversed with interest with Ethereum rallying to a Tuesday and current week high $219.49.

Following Saturday’s first visit to $200 levels since last November, a 4.4% gain on Monday and a 10.7% rally on Tuesday left Ethereum well above the $200 mark.

“The Rally” saw Ethereum break through and hold above the week’s first major resistance level at $213.92.

At the start of the week, Ethereum managed to steer well clear of the week’s first major support level at $164.2 in spite of Sunday’s reversal.

Following a 13.6% gain in April, it’s been a bullish month for Ethereum. The latest rally through to the end of Tuesday gave Ethereum a 35.6% gain for the current month.

The extended bearish trend, formed at last May’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.

For the bulls, a breakout from the 23.6% FIB of $257 to test the 38.2% FIB of $367 would be needed to form a near-term bullish trend. Based on the current trend, Ethereum could be looking at $300 levels before the end of the current month.

At the time of writing, Ethereum was up by 0.42% to $218.36.

[fx-image src=https://www.tradingview.com/x/i9Uj5LgZ/ originalWidth=761 ratio=1.3 data-zoom-target=https://www.tradingview.com/x/i9Uj5LgZ/]

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For the remainder of the week

A move through to $225 levels would support a run at the second major resistance level at $235.32.

With the current sentiment reminiscent of late 2017, momentum could support a run at the 23.6% FIB of $257 later in the week.

Support from the broader market would be needed, however, for Ethereum to breakout from any move through to $230 levels.

A lack of support from the broader market could see Ethereum’s upside capped by the second major resistance level at $235.32.

Failure to move through to $225 levels could see Ethereum come under pressure. A lack of forward momentum would likely lead to some profit taking later in the week.

A fall through the first major resistance level at $213.92 would bring sub-$210 levels into play before any recovery.

Barring a broad-based crypto sell-off, however, Ethereum will likely steer well clear of the week’s first major support level at $164.2.

In the event of a reversal, holding above $185 levels will be considered key through the week.

Looking at the Technical Indicators

 

Major Support Level: $164.2

Major Resistance Level: $213.92

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

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