Bitcoin turned the screw on $5,300 today and notched a new 2019 all-time high at $5,352 on Coinbase. The ETH-USD pairing followed suit and the top altcoin now looks ready to have a go at $200.
Ethereum Price Analysis: Market Review
Earlier in the week, Ethereum price [coin_price coin=ethereum] marched through the $155 resistance and on over the weekend the altcoin tackled the resistance level at $165. Once above $165 it has been literally blue sky breakout for ETH and the altcoin now trades at $185. The next levels to break are $200 and $225.
Investor sentiment for Ethereum has also received a boost and over the weekend and a number of analysts suggested that the ETH-USD pairing was growing increasingly bullish and many called for a run to $190 to $200.
Ethereum Classic (ETC) [coin_price coin=ethereum-classic] also pumped hard in the earlier hours of Sunday, March 7. The general theory of a rising tide lifting all ships could also be helping to lift ETH price as the overall cryptocurrency market benefits from Bitcoin’s recent trend reversal.
ETH-USD Shorts
ETH-USD Longs
ETH-USD shorts continue to drop to new all-time lows and ETH-USD longs have reached a new all-time high. The ETH-BTC pairing has also finally turned bullish and the 12 EMA recently crossed above the 26 EMA as ETH exploded above the upper arm of the Bollinger Band indicator.
ETH-BTC Chart
1-Hour Chart
At the time of writing ETH appears set to temporarily settle on the 78.6% Fib retracement level at $180 (26 EMA) and there is also support at $174.66 (61.8%). Ethereum price remains in good order as long as it stays above the ascending trendline at $170, which also lines up with the 50% Fib retracement.
4-Hour Chart
Currently, the 4-hour MACD, Stoch and RSI are all bullish and ETH [coin_price coin=ethereum] also broke above the bearish trendline on the RSI. The hourly chart suggests ETH is cooling off after an impressive run and a quick glance at the order book on Coinbase and Kraken shows strong buying interest at $180 so possible entries into ETH range from $180 to $174.
How soon do you think ETH will reach $200? Share your thoughts in the comments below.
Trade Bitcoin (BTC), Litecoin (LTC) and other cryptocurrencies on online Bitcoin forex broker platform evolve.markets.
[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by Bitfinex and Coinbase.]
Images courtesy of Shutterstock, TradingView. Market data sourced from Bitfinex and Coinbase
