ETH At Crucial Resistance Against Bitcoin, May Start To Consolidate

  • Etheruem has now increased by a total of 7.10% this week as the cryptocurrency edges toward $270.
  • The bullish momentum has been fading. However, the buyers are still battling to stay present in the market.
  • ETH made another attempt to break the 2020 high-day closing price today at 0.0278 BTC.

Key Support & Resistance Levels

ETH/USD:
Support: $255, $250, $240.
Resistance: $275, $285, $290.
ETH/BTC:
Support: 0.026 BTC, 0.0256 BTC, 0.025 BTC.
Resistance: 0.0278 BTC, 0.0288 BTC, 0.030 BTC .

ETH/USD: Ethereum Entering Consolidation Mode

Since our last analysis, Ethereum continued to bounce higher from the $255 support level but failed to overcome the resistance at $275. If the market closes today as it is, this will create a lower high, putting ETH in a phase of confirmed consolidation.

A period of consolidation is necessary, especially after ETH managed to increase by a total of 127% from low to high in 2020. It allows the buyers to take a break without forfeiting control to the sellers as the market moves sideways within a defined range.

ETH would need to collapse beneath $235 to invalidate any period of consolidation and make the market turn bearish.

ETH/USD. Source: TradingView

Ethereum Short Term Price Prediction

If the sellers break beneath $260, the first levels of support lie at $255 and $250. Beneath this, additional support lies at $240 and $235.

On the other hand, if the buyers can break $275, we can expect higher resistance at $285, $290, and $300.

The RSI is declining, which indicates a fading bullish momentum. However, as it is still above 50, it suggests that the bears are still not in control. Additionally, the Stochastic RSI is in extremely oversold conditions and has been here for the longest period in 2020. A bullish crossover signal would help to push ETH back higher.

ETH/BTC: ETH Continues The Struggle At 0.0278 BTC

Against Bitcoin, ETH continues to struggle at the 0.0278 BTC region. It found support at 0.026 BTC and started to rebound higher until reaching the…

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