Key Takeaways:
- Hourly is trending in an ascending triangle, could be looking for a bounce at the $255 level
- Higher time frames looking very bearish
- BTC also has had bearish action lately, major alts looking topped out as well
| ⠀Ethereum price: | $258 |
|---|---|
| ⠀Key ETH resistance levels: | $280, $318, $400 |
| ⠀Key ETH support levels: | $225, $200, $160 |
*Price at the time of writing
There has been massive price action in the crypto sphere over the last couple of months but will this price action continue or are major cryptocurrencies like BTC and ETH at their peak and looking to pullback? Across the board, it seems like the price has hit a brick wall and is unable to continue on the upwards trajectory for now. With the halving in the near future, we should potentially look for more bullish action down the line, but for now, it feels as though ETH has hit a top. Other major altcoins like LINK and XTZ have been on a price surge lately, but also seem to have hit a wall and are unable to continue at the current moment. A bullish move for ETH would signal that altcoins are ready to resume the bullish trend, but we just haven’t seen this over the past week.
How to buy Ethereum (ETH) on Binance
Ethereum price short-term prediction: Bullish
When we look at the ETH / USD hourly chart on Bitstamp, it is clear that the price for ETH has been trending inside of an ascending triangle formation that normally has a high probability of a bullish breakout. ETH price has moved down to test the support line of the triangle yet again, making what will be the fourth touch. In itself, there is a strong possibility we have a bounce after this test with the target price being around the $280 resistance line.
This would make a great short term long, but traders should be wary about being overly bullish without further confirmation. The $280 mark has proven to be substantially formidable thus far. A break above this level with a candle closing above it would be very bullish for ETH, breaking above this crucial resistance level and breaking out of the ascending triangle.
Ethereum price long-term prediction: Bearish
While the hourly chart for ETH might have a bounce in the near future, it is best to look at higher time frames if you are a long term investor as opposed to a speculator that trades either direction. On the daily chart, ETH is looking rather bearish. Bulls have received a lot of profit in the past couple of months and now is the time to be apprehensive if you are looking for more bullish gains.
Major cryptocurrencies like BTC, and ETH both appear to be unable to cross key resistance levels like $280 for ETH. This particular level goes back as far as September and October of 2017 with several touches along the way. This makes it a strong and dependable level. If ETH crosses the $280 mark with confirmation, it would be significantly bullish for alts, with higher highs certainly following. While this might be in the works for ETH leading up to the halving, or potentially after, right now it does not look promising.
The daily chart shows a bearish crossover on the MACD further signifying that we may be in for some bearish price action. The RSI indicator shows that price topped out at around the 88 level and has pulled back since. These indicators suggest that price is looking to move down from the current levels. A break under $250-$260 would signify that price has fallen through the previously mentioned ascending triangle. On the weekly chart, we are forming a long Doji and while there is still time to change this, currently we are not looking particularly bullish on higher time frames. When coupled with BTC’s recent bearish price action, overall it is likely that we have a significant move down before we can look at returning to the $280 level. If this scenario plays out, pay attention to levels like $225 and $200 for support that ETH can reaccumulate at.
Previous ETH price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Ethereum:
