Ethereum Price Analysis: Ethereum Sees Resistance Against Bitcoin At The 200 Day EMA

13 hours ago | Yaz Sheikh

Ethereum price ₿0.0327
Key ETH resistance levels ₿0.034, ₿0.035, ₿0.038
Key ETH support levels ₿0.032, ₿0.030, ₿0.028

*Price at the time of writing

Ethereum has seen a price retracement of 12.40% over the past 24 hours of trading, bringing the current price for the coin down to around $231. However, Ethereum has recently managed to surge against Bitcoin by a total of 41% since May 13.

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Ethereum had found support around the ₿0.02452 price area and reversed at this level. After reversing, the ETH market went on to surge to a high of around ₿0.03482 before reaching resistance. The resistance in this area is provided by the 200-day EMA, which had also provided strong resistance for the market during January 2019 and February 2019.

Ethereum remains ranked in 2nd position amongst the top cryptocurrencies by market cap. After seeing a 94% price surge over the past 90 trading days, ETH now holds a $24.59 billion market cap value.

Ethereum price analysis

What has been going on?

Taking a look at ETH/BTC above, we can see that the market had held the support around ₿0.02452 and proceeded to rally from here. We can see that the price rally had allowed ETH/BTC to break above the 100 day EMA and continued further higher until reaching the resistance at the 200 day EMA around the ₿0.035 level.

ETH/BTC has since fallen and is now trading at support around ₿0.0325.

ETH/BTC short-term price prediction: Bullish

The recent reversal around ₿0.02452 and the subsequent break above the ₿0.03 resistance levels has now rendered the short term price prediction as bullish for ETH/BTC. For this bullish trend to be invalidated, we would need to see price action fall and break back beneath the ₿0.03 level.

If the sellers do push the market further lower, we can expect immediate support beneath the market to be located at the 100-day moving…

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