ETH Skyrockets To $255 Overnight To Complete 90% Gains In 2020

  • Ethereum witnessed an increase of 15% today, making it the strongest performing coin out of the top 5 cryptocurrencies.
  • ETH penetrated above the $240 resistance to reach the current price of $253.
  • It also climbed well above 0.023 BTC against Bitcoin to create a fresh 7-month high.

Key Support & Resistance Levels

ETH/USD
Support: $250, $240, $225.
Resistance: $268, $277, $300.
ETH/BTC:
Support: 0.0239 BTC , 0.023 BTC, 0.022 BTC.
Resistance: 0.0247 BTC, 0.0261 BTC, 0.0278 BTC .

ETH/USD: Ethereum Rampage Continues Above $250

Since our last analysis, Ethereum dopped into support at $217 and rebounded higher. The cryptocurrency exploded after breaking $230 to climb above resistance at $240 and $250 to reach the current price of $255.

The latest price increase now brings the total 30-day price increase for ETH up to 75% as it completely outpaces the Bitcoin price increase.

ETH also climbed above the previous ascending price channel, turning it extremely bullish. This type of parabolic price move is rarely sustained and we could potentially expect a retracement soon. Nevertheless, as the saying goes “it always best to go with the trend until the bend at the end” and this will be no different.

ethusd-feb12
ETH/USD. Source: TradingView

Ethereum Short Term Price Prediction

If the bulls continue to reach the next level of resistance at $262, immediate higher resistance lies at $268 which is provided by a long term bearish .618 Fib Retracement. Above $270, additional resistance lies at $277 (1.618 Fib Extension), $290, $300, and $310 (bearish .786 Fib Retracement).

On the other hand, if the sellers push ETH beneath $250, the first level of support lies at $240. Beneath this, additional support is found at $225, $217, and $205.

As expected, the RSI is in extremely overbought conditions which could suggest the bulls maybe a little overextended. However, it is important to remember that this is just an indicator and it can remain extremely overbought for an extended period of time.

ETH/BTC: ETH Creates Fresh 7-Month High Against Bitcoin

Against Bitcoin, Ethereum rebounded from the 0.022 BTC support and went on to penetrate above 0.023 BTC. It continued to climb further as it breached resistance at 0.024 BTC to reach the current level of 0.0243 BTC.

Ethereum is strongly bullish against Bitcoin, even with the fading volume. For this bullish trend to be invalidated, ETH/BTC would need to drop beneath 0.0212 BTC (200-days EMA).

ethbtc-feb12
ETH/BTC. Source: TradingView

Ethereum Short Term Price Prediction

If the bulls continue to drive ETH above the current resistance at 0.0247 BTC and above 0.025 BTC, the next level of resistance is located at 0.0261 BTC (long term bearish .618 Fib Retracement). Beyond this, 0.027 BTC, 0.0278 BTC, and 0.0288 BTC (bearish .786 Fib Retracement) will provide adequate resistance moving forward.

Alternatively, if the sellers push lower, the first level of support lies at 0.0239 BTC. Beneath this, additional support is found at 0.023 BTC, 0.022 BTC, and 0.0212 BTC (200-days EMA).

Similarly, both the RSI and Stochastic RSI are extremely overbought and a retracement should be expected at some point in the following days.

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Cryptocurrency charts by TradingView.