ETH Recovers 15% After Tumbling To Almost $300 (Ethereum Price Analysis)

  • Ethereum recovered 15% today after dropping almost as low as $300 on Binance.
  • The coin has been on a freefall in September but recently bounced from the .618 Fib Retracement.
  • Against Bitcoin, ETH dropped as low as 0.0311 BTC but managed to close the daily candle above the 0.0329 BTC support (.5 Fib).

ETH/USD: Etheruem Bulls Attempting To Stall Freefall

Key Support Levels: $324, $300, $280.
Key Resistance Levels: $355, $364, $380.

Etheruem has been in a freefall since the start of September as it rolled over from $490 to reach as low as $308 this weekend. On the way down, the coin fell beneath support at $438, $400, $364 (2019 High), and $355 (.5 Fib).

More specifically, Ethereum found reliable support at $324 when it rebounded from the .618 Fib Retracement there. The bulls have since pushed higher as the coin hits resistance at $355.

All eyes now rest at $324 as a break beneath this level could see Ethereum headed toward $300 in the coming week.

ETH/USD 4HR Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers can break $355, immediate resistance lies at $364 (2019 High). Above this, resistance lies at $380 (bearish .382 Fib Retracement), $400, and $410.

On the other side, if the sellers head lower, support first lies at $324 (.618 Fib Retracement). Beneath this, support lies at $320, $300, and $280 (.786 Fib Retracement). This is followed by support at a 4-month old rising trend line (dotted line).

The 4HR RSI shows the momentum remains in the bearish favor, which suggests that there is still some downside action on the way.

ETH/BTC: Bulls Defend .5 Fib Retracement

Key Support Levels: 0.0329 BTC, 0.032 BTC, 0.0311 BTC.
Key Resistance Levels: 0.0347 BTC, 0.0352 BTC, 0.0361 BTC.

Etheruem has also been in freefall against Bitcoin. The coin rolled over from 0.04 BTC at the start of the month to reach as low as 0.0311 BTC (.618 Fib Retracement) yesterday.

Luckily, the bulls quickly bounced from the 0.0311 BTC support to allow yesterday’s daily candle to close above the .5 Fib Retracement at 0.0329 BTC. ETH has since increased as it trades at 0.032 BTC.

ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the buyers continue higher, the first level of resistance lies at 0.0347 BTC. This is followed by resistance at 0.0352 BTC, 0.0361 BTC (March 2019 High), and 0.0376 BTC.

On the other side, the first level of support lies at 0.0329 BTC (.5 Fib Retracement). Following this, support is expected at 0.032 BTC (downside 1.272 Fib Extension), 0.0311 BTC (.618 Fib Retracement), and 0.0305 BTC (100-days EMA & downside 1.618 Fib Extension).

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited – first 200 sign-ups & exclusive to CryptoPotato).

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.