- Ethereum saw an impressive 12% price increase over the past 24 hours of trading as the cryptocurrency rises to $246.
- The cryptocurrency has run into resistance provided by a bearish .382 Fib Retracement
Ethereum saw an impressive 12% price increase over the past 24 hours of trading to bring the price for the coin up above $246. This price increase was largely spurred on by the 6% price hike that Bitcoin saw, however, Ethereum surged further higher against BTC itself to further increase ETH/USD gains.
Ethereum has now seen a very majestic 70% price explosion over the past 30 days of trading and currently holds close to a $27 billion market cap valuation.
ETH/USD – Daily CHART – SHORT TERM
ETH/USD – DAILY CHART – Source: TradingView
Analyzing the daily chart above, we can clearly see the recent price growth witnessed by Ethereum. It broke resistance at $230 and continued to rocket higher into the current resistance at $247. This resistance is provided by a long term bearish .382 Fibonacci Retracement level – measured from the July 2018 high to the December 2018 price low. It is also further bolstered by a short term 1.414 Fibonacci Extension level.
Short term prediction: BULLISH
Ethereum can only be considered as bullish at this moment in time and it would need to fall beneath $200 for this to be invalidated. A drop beneath $170 could possibly turn Ethereum bearish.
Looking ahead, if the bulls manage to break the current resistance at $247, the next level of resistance lies at $250.