Can ETH Hit $200 This Week? It Will If It Can Breach THIS Bearish .618 Fib Retracement Resistance

ethereum

  • Ethereum saw a strong 5.2% price hike over the past 24 hours, bringing the price of the coin above $180.
  • The cryptocurrency had found support earlier in the week at $170 and rebounded from here.

Ethereum saw a 5.2% price surge over the past 24 hours which allowed the coin to rise back above $180. The coin had been trading at $170 earlier in the week after rolling over from the $187 resistance seen at the weekend.

Ethereum must now go on to break above $187 for it to be eligible to make a run at the $200 mark.

Ethereum Price Analysis

ETH/USD – Daily CHART – SHORT TERM

ETH/USD. Source: TradingView

Market Overview

Taking a look at the daily chart above, we can see Ethereum rolling over from the resistance at $187 this weekend. The resistance here is provided by a 1.618 Fibonacci Extension level. After reversing, the cryptocurrency dropped into the support at $170 and managed to rebound from here today.

Short term prediction: BULLISH

Ethereum remains bullish in the short term but it must break above the resistance at $187 for this bull run to continue. It would need to drop beneath $150 now to be considered as bearish in the short term.

The first level of higher resistance lies at $187. Above this, resistance is located at $191 (bearish .618 Fib Retracement) and then $200. If the buyers can break above $200, added resistance is located at $210 and $218 (bearish .786 Fib Retracement level).

On the other side, if the sellers step in and push ETH back beneath the support at $180, added support is located at $170, $167 (.236 Fib Retracement), $160, and $152 (.382 Fib Retracement).

The RSI has now bounced up above the 50 line which indicates that the bulls have taken charge of the market momentum. For us to see ETH breaking above $200, we must see the RSI rising higher.

Key Levels

Support: $180, $170, $160, $155, $150, $145, $140, $135, $130, $120, $116, $110, $104, $100, $92.85, $80, $76.

Resistance: $187, $191, $200, $205, $210, $213, $220, $227.