Etheruem traded today at $ 1350 resistance, up 7% overall. Against BTC, ETH has managed to bounce back from support at 2020’s highest level and is also facing critical resistance.
Where is Ethereum going with ATH on Monday?
Ethereum had set a new ATH price on Monday at $ 1473. It failed to close a one-day candle above the $ 1392 resistance and has been turned upside down for the past few days.
The price continued to decline until support was found at $ 1200 (0.236 Fib) yesterday. After the price paused at this support level, it was bullish today and is currently testing the $ 1350 resistance (1.272 Fib Extension).
Looking ahead, the first strong resistance level is at $ 1392 (1.618 Fib Extension and 2021 High Day Close price). This is followed by $ 1425 (former ATH) at $ 1472 (new ATH) and $ 1500.
Beyond $ 1500, resistance is 1530 (1.414 Fib Extension – blue), 1582 (1.618 Fib Extension – orange) and $ 1645 (1.618 Fib Extension – blue).
On the other hand, the initial support level is $ 1300. This is followed by 1200 (0.236 Fib), the lower bound of the price channel ($ 1150), 1080 (0.382 Fib) and $ 1000.
The daily RSI has recently recovered from the midline, showing that the bulls are still responsible for the increased momentum.
Key Support Levels: $ 1300, 1200 and $ 1080
Key Resistance Levels: $ 1392, 1425 and $ 1475