ETH Price Recovers to $380 Following Hectic Day But What’s Next? (Ethereum Price Analysis)

  • Ethereum had a crazy day of trading today as the price fluctuated massively.
  • The cryptocurrency has rallied all month long after increasing by 62% to create a fresh 2-year high.
  • Against Bitcoin, Ethereum also increased to 14-month highs as it reached 0.034 BTC.

ETH/USD: Massive Volatility

Key Support Levels: $343, $321, $300.Key Resistance Levels: $400, $410, $420.

The Ethereum price surge in July has been nothing short of spectacular as it managed to rise by 62% to create a fresh 2-year high at the $400 mark. The cryptocurrency broke above the previous phase of consolidation as it penetrated above $250 and exploded higher.

The coin continued to increase throughout the month as it managed to reach $410. Today, however, Ethereum had a field day. The price went parabolic for a few hours, spiking both up and down massively. Since then, ETH managed to recover to around $375 where it’s currently trading, which allowed it to come out positive in the last 24 hours.

ethusd-aug2ETH/USD. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the buyers push back above $400, resistance lies at $410, $420, $445, and $465 (1.272 Fib Extension). This is followed by added resistance at $490 and $500.

On the other side, support lies at $343 (.382 FIb Retracement), $321 (.5 Fib Retracement), and $300 (.618 Fib Retracement).

The RSI reached extremely overbought conditions this week, which had not been seen since February 2020. The RSI has since dropped lower but is still within the bull’s favor. So long as it can stay above 50, ETH can be expected to remain bullish in the short term.

ETH/BTC: Ethereum Bulls Create Fresh 2020 Highs Against Bitcoin

Key Support Levels: 0.032 BTC, 0.0313 BTC, and 0.03 BTC.Key Resistance Levels: 0.0337 BTC, 0.0346 BTC, 0.0356 BTC.

Ethereum has also been performing very well against Bitcoin itself. Today, the coin created a fresh 2020 high as it pushed into resistance at 0.0346 BTC (1.272 Fib Extension). The previous 2020 high was at 0.0278 BTC, and this was broken in the second half of July as ETH started to surge higher.

The coin still appears bullish against Bitcoin and would have to drop as low as 0.0278 BTC for the bull run to be invalidated. However, it’s important to note that today’s fluctuations should also be considered, bringing more cautious to the otherwise obvious bullish run of the cryptocurrency.

ethbtc-aug2ETH/BTC. Source: TradingView

ETH-BTC Short Term Price Prediction

Moving forward, if the buyers push higher, the first level of resistance lies at 0.0337 BTC (March 2019 support). This is then followed by resistance at 0.0346 BTC (1.272 Fib Extension), 0.0356 BTC (1.414 Fib Extension), and 0.0367 BTC.

On the other side, support lies at 0.032 BTC, 0.0313 BTC (.236 Fib Retracement), and 0.03 BTC.

The RSI has is well within the bullish territory as the bulls completely control the market. Likewise, the Stochastic RSI produced a bullish crossover signal as the buyers push higher.

The post ETH Price Recovers to $380 Following Hectic Day But What’s Next? (Ethereum Price Analysis) appeared first on CryptoPotato.

Publication date: 
08/02/2020 - 19:54
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Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.