ETH Follows Bitcoin And Finally Breaks $200. What’s Next?

  • Ethereum increased by 4% today to reach the $215 level again.
  • The cryptocurrency dropped yesterday to reach $200 but quickly rebounded.
  • Against Bitcoin, Ethereum fell beneath the lower boundary of the previous range as it drops beneath 0.0239 BTC.

Key Support & Resistance Levels

ETH/USD:
Support: $210, $200, $187.
Resistance: $225, $230, $245.
ETH/BTC:
Support: 0.0239 BTC, 0.0236 BTC, 0.023 BTC.
Resistance: 0.0247 BTC, 0.025 BTC, 0.026 BTC.

ETH/USD: Ethereum Finally Breaks $200.

Ethereum was struggling at the $197 resistance at the start of the week. This all changed yesterday when ETH surged by 9% to break above this resistance as it climbed above $200. It continued to push higher to close the day at around $220.

In yesterday’s trading session, ETH continued higher and reached as high as $225 before the sellers stepped in and started to push the market lower toward $202 (.236 Fib Retracement). Today, it rebounded back toward $215.

ethusd-may1
ETH/USD. Source: TradingView

ETH/USD Short Term Price Prediction

If the bulls continue to drive ETH higher, the first level of resistance is located at $225. Above this, resistance can be found at $230 (1.414 Fib Extension) and $245 (bearish .786 Fib Retracement). Above this, added resistance lies at $250 and $260.

If the sellers push ETH beneath $210, the first level of support lies at $200 (.236 Fib Retracement). Beneath this, support lies at $187 (.382 Fib Retracement), and $180 (200-days EMA).

The RSI dropped beneath overbought conditions yesterday and is now pointing higher again as the bullish momentum starts to increase. The Stochastic RSI is also overbought but it can remain overbought for extended periods of time when the market goes parabolic.

ETH/BTC: ETH Breaks Beneath Previous Range

Against Bitcoin, Ethereum was trading within a range between 0.026 BTC and 0.0247 BTC over the past 10-days of trading. It broke beneath the lower boundary of this range yesterday when Bitcoin itself exploded above $8,000.

After breaking beneath, ETH continued to fall to reach as low as 0.0236 BTC. It since bounced higher to trade at the 0.0239 BTC support.

ethbtc-may1
ETH/BTC. Source: TradingView

ETH/BTC Short Term Price Prediction

If the sellers continue beneath 0.0239 BTC, support can be expected at 0.0236 BTC again. Beneath this, added support lies at 0.023 BTC (.5 Fib Retracement & 100-days EMA), 0.0225 BTC (200-days EMA), and 0.0223 BTC (.618 Fib Retracement).

Alternatively, if the buyers rebound from 0.0239 BTC, resistance lies at 0.0247 BTC, 0.025 BTC, and 0.026 BTC.

The RSI has dipped beneath the 50 line to show that the sellers are in control of the market momentum. For ETH to recover against BTC, the RSI would need to climb back above 50 to show bullish momentum.

Binance Futures Limited Offer: Use this link to register & get 10% discount on fees (Exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.