Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapBuy CryptoCryptocurrenciesPricingWalletNewsEarnBlogNFTWidgetsCoinStats MidasDeFi Portfolio Tracker24h ReportPress KitAPI Docs

Ethereum Price Analysis - Ethereum Rebounds from Lower Boundary of Triangle, Can We Break $140 and Head Higher?

4y ago
bullish:

1

bearish:

1

Key highlights:

  • Ethereum saw a 6.5% price increase from the daily opening price today as it trades at $132.74
  • The cryptocurrency is trading within an ascending triangle consolidation pattern
  • ETH also rebounded against Bitcoin to climb above ₿0.021, but has since dropped slightly beneath
Ethereum price: $132
Key ETH resistance levels: $137, $140, $150, $152, $160, $165
Key ETH support levels: $130, $128, $125, $120, $118, $115

*Price at the time of writing

Ethereum saw a 6.5% price increase today from the opening price of $125 to reach as high as $137. The cryptocurrency bounced at the lower boundary of a short-term ascending triangle pattern and rebounded to meet resistance at the upper boundary.

This ascending triangle pattern must be broken to dictate the future direction for Ethereum. ETH had struggled to break above this triangle all of last week as it met resistance at the upper boundary of the triangle at the $140 price level. This caused Ethereum to roll over during the weekend to find the support at the lower boundary of the triangle.

Against Bitcoin, Ethereum managed to rebound from the support at ₿0.0201, but recently dropped back beneath ₿0.021.

Ethereum remains ranked in the 2nd position with a total market cap value of $14.59 billion.

Buy/Sell Ethereum (ETH)

How to buy Ethereum (ETH) on Binance

Ethereum price analysis

ETH Daily Chart

What has been going on?

Taking a look at the daily chart above, we can clearly see how Ethereum was struggling to break the upper boundary of the ascending triangle pattern last week. ETH struggled with resistance at $140, which caused it to roll over and head lower as it broke beneath the $130 level.

Luckily, ETH managed to find support at the lower boundary of the triangle which allowed the cryptocurrency to rebound above $130 to reach the current trading price of around $133.

Ethereum price short-term prediction: Neutral/Bearish

As Ethereum is trading within a consolidation pattern, we can consider the market to be neutral at this moment in time. However, if it does break beneath the lower boundary of this triangle, then the short term price prediction will turn bearish. 

Unfortunately, ascending triangles typically resolve themselves by breaking in the direction of the previous trend, which in this case would be bearish. However, there is still a chance that ETH can break above the $140 level and head higher. 

If the sellers do step in and push ETH lower, the first level of support is located at $130. Beneath this, support can be found at $128 and then at the lower boundary of the triangle. If the bears push Ethereum beneath the lower boundary of the triangle, support can then be found at $118, $110, $105, and $100.

In the case that Ethereum drops beneath $100, additional support is then to be expected at $95, $90, and $84.

Where is the resistance towards the upside?

On the other hand, if the bulls push higher, we can expect resistance at $137 and then at the upper boundary of the triangle at $140. Above this, resistance lies at $152 (bearish .382 Fib Retracement), $165, and $171.42 (bearish .5 Fibonacci Retracement level). This bearish Fibonacci Retracement level is measured from the March high to the March low.

What are the technical indicators showing?

The RSI dipped lower from the 50 level over the weekend, but managed to climb back toward it today. If it can break above the 50 level, we can expect the bulls to take charge over the market momentum and potentially push Ethereum back above the $140 level and break above the consolidation pattern.

Trade Idea

As we are trading in a consolidation pattern, it is probably best to sit on the sidelines right now. However, once ETH breaks and closes above $140, we could go long with a profit target at $152 and $171. This would result in a profit level of 9% and 22%, respectively. 

As always, we need to cover ourselves so we should put a stop loss just beneath the lower boundary of the triangle at $120.

ETH/BTC Chart

What has been going on?

Taking a look at the daily chart above, we can see that Bitcoin had been suffering throughout the entire period of March as the cryptocurrency dropped as low ₿0.0201 (downside 1.414 Fib Extension level) during the decline. 

ETH rebounded from here over the past few days and climbed above ₿0.021, but has recently dropped back beneath this level as it trades at ₿0.0209.

Ethereum price short term prediction: Bearish

Ethereum will have to remain bearish at this moment in time against Bitcoin. To turn neutral, we must see it rising above ₿0.021. 

If the sellers do step in and push Ethereum lower, the first level of support can be expected at ₿0.0206 which is provided by the previous .786 Fibonacci Retracement level. Beneath this, support lies at ₿0.0201 (downside 1.414 Fibonacci Extension level) and ₿0.02.

If the sellers continue to drive Ethereum beneath ₿0.02, added support can be found at ₿0.0196 (.886 Fib Retracement), ₿0.019, and ₿0.0185.

Where is the resistance towards the upside?

On the other hand, if the bulls can climb higher and break back above ₿0.021, resistance is expected at ₿0.0218 and ₿0.022. Above this, resistance lies at ₿0.0223, ₿0.023, and ₿0.0239.

Previous ETH price analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Ethereum:

4y ago
bullish:

1

bearish:

1

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.