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$ETH/USD – 27% Weekly Price Hike Sees New $ATH At $3542
Key Support Levels: $3400, $3200, $3076.
Key Resistance Levels: $3542, $3656, $3800.
Ether is up by a total of 27% this week and it set a new $ATH price at $3542 yesterday. It headed lower slightly today but rebounded from the support at $3400 to trade at $3485.
$ETH is now in a steep ascending price channel since breaking out of a symmetrical triangle pattern in the last few days of April. In May, ether broke above $2800 and continued higher above $3000 on Monday – reaching $3400. On Tuesday, it dropped to $3200 but rebounded from there yesterday to set the new $ATH price.
The $3,500 level forms a notable resistance – it was tested a few times in the past few days and it’s important for the price to overcome it definitively to continue higher.
$ETH-USD Short Term Price Prediction
Looking ahead, the first resistance lies at the $ATH price of $3542. This is followed by $3656 (1.414 Fib Extension), $3800, $3880 (1.618 Fib Extension), and $4000.
On the other side, the first support lies at $3400. This is followed by $3200 (lower boundary of the current channel), $3076 (.236 Fib), and $3000.
The RSI dropped slightly since Monday’s push higher and is showing bearish divergence. Nevertheless, the bulls are still in complete control of the market momentum right now.
$ETH/$BTC – Bulls Reach As High As 0.0632 $BTC.
Key Support Levels: 0.06 $BTC, 0.0563 $BTC, 0.0541 $BTC.
Key Resistance Levels: 0.0611 $BTC, 0.0632 $BTC, 0.0656 $BTC.
Ethereum continues to perform well against bitcoin after surging as high as 0.0632 $BTC (1.618 Fib Extension) on Tuesday. The cryptocurrency had pushed higher from 0.0522 $BTC on Monday to break above the April 2018 lows and reach 0.06 $BTC. It then went on to set the new 2021 high at 0.0632 $BTC on Tuesday.
It has since dropped slightly, but the bulls are battling to hold the support at 0.06 $BTC.
$ETH-$BTC Short Term Price Prediction
Looking ahead, if the bulls rebound from 0.06 $BTC, the first resistance lies at 0.0611 $BTC. This is followed by 0.0632 $BTC (1.618 Fib Extension – orange), 0.0656 $BTC (1.618 Fib Extension – purple), 0.0676 $BTC (1.272 Fib Extension – blue), and 0.07 $BTC.
On the other side, if the bears break 0.06 $BTC, the first support lies at 0.0563 $BTC (.236 Fib). This is followed by 0.0541 $BTC (April 2018 low), 0.0522 $BTC (.382 Fib), and 0.05 $BTC.
The RSI is also in the bull’s favor and has dropped slightly from extremely overbought conditions. This should give the buyers breathing room before starting to push higher again.