Following Today’s Action Will ETH Finally Close Above $400? (Ethereum Price Analysis)

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  • Ethereum saw a 3.4% price rise today as it hit the $389 level.
  • The cryptocurrency had reached as high as $408 earlier in the week and went on to drop into the $380 support.
  • Against Bitcoin, Ethereum fell lower from the 0.035 BTC resistance but found strong support at 0.0326 BTC.

ETH/USD: Bulls Set Targets To Breach $400 Again

Key Support Levels: $370, $350, $321.
Key Resistance Levels: $400, $408, $420.

Ethereum has seen a strong 8% price increase over the past seven days of trading, which allowed it to reach as high as $408 (1.618 Fib Extension) earlier in the week. Since then, ETH has rolled over and dropped into the support at $380, where it rebounded today.

The bulls have now set their targets to break $400 again to push higher. The last time that Etheruem managed to close above $400 was during August of 2018 – exactly two years ago.

ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, the first level of resistance is expected at $400. This is immediately followed by resistance at $408 (1.618 Fib Extension). If the buyers can continue to drive Ethereum higher, the following targets are expected at $420, $445, and $463.

On the other side, the first level of strong support is expected at $370 (.236 Fib Retracement). This is followed by support at $343 (.382 Fib Retracement), $321 (.5 FIb Retracement), and $300 (.618 Fib Retracement).

The RSI has dropped lower from overbought conditions as the buyers take a break before regrouping. So long as it can remain above 50, the momentum will remain in the bulls’ favor.

ETH/BTC: Ethereum Bulls Defend .236 Fib Support

Key Support Levels: 0.0326 BTC, 0.0317 BTC, 0.031 BTC.
Key Resistance Levels: 0.0337 BTC, 0.035 BTC, 0.0356 BTC.

Etheruem also performed very well in the first week of August as it surged from 0.03 BTC to reach as high as 0.035 BTC. From there, Ethereum has dropped lower as it falls into the 0.0326 BTC level, where support is provided by a .236 Fib Retracement.

The coin rebounded from this support today as the bulls begin the push back toward the 0.035 BTC level.

ethbtc-aug8
ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, if the buyers do push higher, the first level of resistance is located at 0.0337 BTC (March 2019 support). This is followed with resistance at 0.035 BTC, 0.0356 BTC (1.414 Fib Extension), and 0.0367 BTC

On the other side, the first level of support lies at 0.0326 BTC (.236 Fib Retracement). Beneath this, support lies at 0.0317 BTC, 0.031 BTC (.382 Fib Retracement), and 0.030 BTC (.5 Fib Retracement).

Likewise, the RSI has also dipped lower but remains above the 50 line, which indicates that the bulls are still in control of the market momentum.

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Cryptocurrency charts by TradingView.