Ethereum Price Analysis: ETH Holds $3,000 Following 22% Weekly Gains, Here Are Next Possible Targets

Forum 2 years ago

Ethereum Price Analysis: ETH Holds $3,000 Following 22% Weekly Gains, Here Are Next Possible Targets

Ethereum is up by a solid 22% over the past week as the cryptocurrency sits above $3,100. Against BTC, ETH reached as high as 0.071 BTC over the weekend but has since dropped to 0.068 BTC.

ETH/USD – Ether Turns Parabolic Above Price Channel.

Key Support Levels: $3000, $2890, $2800.

Key Resistance Levels: $3150, $3200, $3350.

Ethereum has been climbing aggressively ever since rebounding from the June support at $1710 in the final half of July. Since then, ETH surged by a total of around 80% to reach the current $3110 level.

Throughout the majority of this surge, ETH was trading inside an ascending price channel. It broke toward the upside over the weekend as it hit $2890 and climbed above $3000 to reach $3180.

Today, ETH did spike beneath $3000 earlier in the day but found solid support at $2890 and rebounded higher to the current $3110 level.

ethusd-aug9-min

ETH/USD Daily Chart. Source: TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first resistance lies at $3150 (1.272 Fib Extension). This is followed by $3200, $3350 (bearish .618 Fib), $3540 (1.618 Fib Extension), and $3790 (bearish .786 Fib).

On the other side, the first support lies at $3000. This is followed by $2890 (today’s support), $2800, $2625 (.382 Fib), and $2550 (200-day MA).

The RSI is well within the buyer’s favor and is still not yet overbought.

ETH/BTC – ETH Rolls Over From 0.07 BTC

Key Support Levels: 0.067 BTC, 0.0651 BTC, 0.0632 BTC.

Key Resistance Levels: 0.0691 BTC, 0.0715 BTC, 0.072 BTC.

Against bitcoin, ETH managed to break toward the upside of a symmetrical triangle pattern at the start of August. Since then, the cryptocurrency climbed higher as it broke the July resistance at 0.0691 BTC over the weekend to reach 0.0715 BTC on Saturday.

Yesterday, ETH rolled over from 0.07 BTC and started to head lower. It found support at 0.067 BTC (.382 Fib) today and is now trading at 0.068 BTC.

ethbtc-aug9-min

ETH/BTC Daily Chart. Source: TradingView.

ETH-BTC Short Term Price Prediction

Moving forward, the first resistance lies at 0.0691 BTC. This is followed by 0.0715 BTC, 0.072 BTC (bearish .618 Fib), 0.075 BTC, and 0.0769 BTC (1.414 Fib extension).

On the other side, the first support lies at 0.067 BTC (.382 Fib). This is followed by 0.0651 BTC (200-day MA & .5 Fib), 0.0632 BTC (.618 Fib), and 0.0623 BTC (50-day MA).

The daily RSI is showing slight hints of bearish divergence which led to this weekend’s rollover.