- Ethereum is trading within a narrow range between $202.82 and $212.80.
- The bears are currently in control of the momentum within the market according to the RSI.
- Support levels moving forward; $202, $200, $197, $194, $190, $188, $184, $180, $171.
- Resistance levels moving forward; $212, $222, $228, $245,$253, $266, $268, $276.
Ethereum has seen a small price drop of 0.9% over the past 24 hours of trading. The cryptocurrency dedicated to facilitating decentralized applications is currently exchanging hands at a price of $203.14 after seeing a further 2% price decline over the past 7 trading days.
Ethereum is ranked in 2nd position in market cap value across the board with a total market cap value of $20.95 billion. The 39-month-old coin has suffered a drastic 58% price drop over the past 90 trading days and is still trading at a price that is 85% lower than its all-time high value.
Let us continue to analyze price action for Ethereum over the short term and update any potential support and resistance zones.
Ethereum price analysis
ETH/USD – SHORT TERM – DAILY CHART
Ethereum has not moved too much since our last analysis article. Price action will remain suppressed toward the upside until the market can clear above $253 and beyond.
Price action is currently trading in a small narrow range bound between the .5 Fibonacci Retracement level priced at $212.80 as the upper boundary of the range and the .618 Fibonacci Retracement level priced at $202.82 as the lower boundary of the range. The market has been oscillating between these two boundaries over the past few days.
Moving forward, if the price the bears regather steam and push price action below the lower boundary of the range at $202.82, we can expect immediate support below to be located at the $200 psychological round number handle. Support expected below this can be located at the short-term downside 1.272 and 1.414 Fibonacci Extension levels (drawn in green) priced at $197.84 and $194.84, respectively.
If the bears continue to pressure price action further lower we can expect more support below at the medium term .786 and .886 Fibonacci Extension levels (drawn in red) priced at $188.61 and $180.15 respectively. If the bearish sentiment drives price action even further lower then more support can be located at the downside 1.618 Fibonacci Extension level (drawn in blue) priced at a $171.34.
On the other hand, if the bulls regather momentum and push the market above the upper boundary of the range we can expect immediate resistance above to be located at the medium term .382 Fibonacci Retracement level (drawn in red) priced at $222.78.
Resistance above this level can then be expected at recent highs priced at $253.69. This area contains the short term 1.618 Fibonacci Extension level (drawn in green) which further adds to the level of resistance expected within this area. If the bulls can push the market even further higher than more resistance above can be located at the medium term 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $268.13 and $276.59 respectively.
The RSI technical indicator is currently leaning toward favoring the bears within the market at this moment in time as it trades marginally below the 50 handles. This indicates that the bears are in control of the momentum within the market. If we would like to see the bulls regain control we would need to see the RSI rise back above the 50 handles on the 4HR time frame.