|Key ETH resistance level:||$225, $228, $235, $240, $248|
|Key ETH support level:||$210, $202, $200, $193.66, $187|
*Price at the time of writing
While other cryptocurrencies start to slow their pace of increase, Ethereum continues to soar after rising by a further 4.5% today to reach its current price of around $219.36. The cryptocurrency has now seen a 21% price surge over the past 7 trading days, making it the strongest performing crypto asset out of the top 5 ranked projects.
The latest wave of increases is largely due to ETH rising significantly against BTC. However, in today’s trading session, BTC has also seen some gains, which has propelled ETH further.
Ethereum is currently ranked in the second place as it presently holds a $23.55 billion market cap valuation, which is almost double that of XRP.
Ethereum price analysis
What has been going on?
Taking a look at the daily chart above, we can see that Ethereum has risen past the resistance outlined in our previous ETH analysis, at $193.66. Ethereum then went on to rise further higher, breaking above the rising support trend line and continuing further to smash above the 100-days and 200-days EMA to reach the resistance at $225.30. The ascension has started to slow at this level of resistance as we feel Ethereum may need a small retracement before it can continue higher to break above this resistance.
Ethereum price short-term prediction: Bullish
The break above the rising trend line and $200 has now rendered Ethereum as bullish in the short term. For this bullish run to continue, we will need to see ETH breaking above the $225 resistance level. For this market to be considered bearish in the short term, we will need to see ETH fall and break back beneath the rising support trend line.
If the bulls continue to breach the $225 resistance level, further higher resistance is then to be expected at $235 and…