Ethereum Price Analysis: In The Footsteps of Bitcoin, ETH Is Back Above $190

Ethereum saw a small increase of 2.85% over the past 24 hours and it currently trades at $191. This was largely been helped by the 2.74% spike seen in Bitcoin today. Ethereum is now trading at resistance provided by the 100-days EMA with a break above sending us well above $200. 

ETH remains the second-largest cryptocurrency as it holds a market cap of $20.62 billion. 

Looking at the ETH/USD 1-day chart:

• Since our previous ETH/USD analysis, ETH fell below the 100-days EMA but remained supported at the $185 region. In today’s session, ETH got back up to the resistance at $191.
• From above: The nearest level of resistance lies at the 100-days EMA. Above this, resistance is at $193.66 and $200. The resistance at $200 is further strengthened by the 200-days EMA. Above $200, resistance lies at $202.74, $211.75, $218.25, $220, $225, and $227.57.
• From below: The nearest level of support lies at $185. Beneath this, support is found at $180, $176.48, $171.87, $170, $165.42, and $160.
• The trading volume has remained average during November but may increase if we break above the 100-days EMA.
• The RSI has rebounded at the 50 level to show that the bulls still remain in control over the market momentum. 

Looking at the ETH/BTC 1-day chart:

• Against BTC, ETH managed to break above the resistance at 0.020420 BTC and continued higher toward 0.021 BTC. This area is further bolstered by the 100-days EMA.
• From above: The nearest level of resistance lies directly at 0.021 BTC. above this, resistance is found at 0.0215 BTC, 0.022 BTC, and 0.02232 BTC (bearish .382 Fib Retracement). Above this, resistance can be expected at 0.023 BTC, 0.02369 BTC (200-days EMA), and 0.02395 BTC.
• From below: The nearest level of support lies at 0.020420 BTC. Beneath this, support is at 0.020 BTC, 0.01966 BTC, 0.019 BTC (short term .618 Fib Ret), and 0.0185 BTC. If the selling continues beneath 0.018 BTC, support can be found at 0.01789 BTC, 0.01738 BTC, and 0.017 BTC.
• The trading volume has remained very low during November but has increased in this rally.
• The RSI is well above the 50 level which shows that the bulls remain in control over the market momentum.