Ethereum finally broke above $ 300, creating a new high of 2019 at around $ 319 for the first time since August 2018. The cryptomeo is now traded at a price of about $ 312, marking a price increase of 15% last week.
Ethereum was struggling to break above the $ 278 resistance level during May and June this year. However, the latest Bitcoin rally, which raised more than $ 10,000, allowed ETH / USD to break the resistance at $ 300.
Ethereum remains the second largest cryptomeca, with a market value of about $ 33 billion. The currency has now seen an explosive price increase of 130% in the last 3 months.
Looking at the 1-day ETH / USD chart:
- Since our previous ETH / USD analysisEthereum broke the resistance level of $ 278 and went from $ 300. We can also see that ETH was able to rise above a long-term upward price channel that was in play throughout the 2019 period.
- From top: The closest resistance level now stands at $ 315, which contains a short term 1,272 Fib Extension. On top of this, the additional resistance is at $ 334 (1,414 Fib Ext) and $ 350 (Long Term at 0.618 Fib Retracement). If bulls stay above $ 350, more resistance will be found at $ 361, $ 280, $ 397 and $ 400.
- Bottom line: The closest support level is at the $ 300 level. Below $ 300, additional support is $ 279, $ 271, $ 260, and $ 250. If the sale continues below $ 250, we can expect more support at $ 240, $ 235 and $ 225.
- Trading volume has remained relatively high in recent days, as it is above the month's average.
- RS Stochastic recently entered into overbought conditions while we expect a bearish cross signal to signal that we are heading down. In addition, the RSI is close to extremely overbought conditions, which shows that the price of the currency can be exceeded.
Looking at the ETH / BTC 1 day chart:
- Against Bitcoin, we can see that ETH dropped even further below the 0.029 BTC level. However, it still managed to find strong support at the 0.0285 BTC level, where the short term .618 Fib Retracement resides.
- From top: The closest resistance level is 0.029 BTC and 0.02970 BTC. Above this, higher resistance is found in 0.030 BTC, 0.0303 BTC and 0.0309 BTC. If bulls remain above 0.031 BTC (and the 100 days of EMA), higher resistance can be found at 0.03183 BTC and 0.0325 BTC.
- From bottom: The closest level of support is now at the 0.0285 BTC level. Below that, we can find more support on 0.02818 BTC, 0.028 BTC and 0.0275 BTC. If the sale continues below that, more support will be found at 0.027 BTC and 0.02678 BTC.
- Trading volume remained relatively medium for this market.
- Stochastic RSI has recently produced a bullish cross signal in the over-selling territory, which suggests bulls may be ready to climb higher.
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