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ETH Bulls Struggle at $630 As Bitcoin Continues to Dominate Altcoins (Ethereum Price Analysis)

ETH/USD – Ethereum Bullish Momentum Ready For Another Push Higher

Key Support Levels: $600, $580, $556.
Key Resistance Levels: $637, $650, $665.

Ethereum found support at the .5 Fib Retracement around $580 on Wednesday, which allowed it to rebound and remain above a 2-month-old rising trend line. From there, ETH pushed higher to reach $630 yesterday.

Today, ETH dropped marginally as it trades around $621. It will need to break above $637 for the bull run to restart.

ethusd-dec26
ETH/USD Daily Chart. Source: TradingView

ETH-USD Short Term Price Prediction

Looking ahead, if the bulls push beyond $637, the first level of resistance lies at $650. This is followed by $665 (1.272 Fib Extension), $675 (bearish .786 Fib Retracement), and $700.

Alternatively, the first level of support lies at $600 (.382 Fib). This is followed by the 2-month-old rising trend line, $580 (.5 Fib Retracement), and $556 (.618 Fib Retracement).

The RSI is marginally above the mid-line as the buyers attempt to gain possession of the market momentum. The Stochastic RSI is primed for a bullish crossover signal that will push ETH back toward the December highs.

ETH/BTC – Bulls Struggling To Defend 0.025 BTC

Key Support Levels: 0.025 BTC, 0.0245 BTC, 0.0242 BTC.
Key Resistance Levels: 0.0248 BTC, 0.026 BTC, 0.0262 BTC.

Against Bitcoin, Ethereum bounced from the 0.0251 BTC support on Wednesday to reach the 0.0258 BTC resistance (bearish .236 Fib Retracement) yesterday. It could not break above this resistance, which caused ETH to head lower today and return to 0.0251 BTC.

A closing candle beneath 0.025 BTC is likely to send ETH lower against BTC toward fresh seven month lows.

ethbtc-dec26
ETH/BTC Daily Chart. Source: TradingView

ETH-BTC Short Term Price Prediction

Looking ahead, beneath 0.025 BTC, support is first located at 0.0245 BTC (July 2020 lows). Beneath this, support lies at 0.0242 BTC, 0.024 BTC, and 0.0237 BTC (downside 1.618 Fib Extension).

On the other side, the first level of strong resistance lies at 0.0258 BTC (bearish .236 Fib). Beyond 0.026 BTC, resistance lies at 0.0262 BTC, 0.027 BTC (bearish .382 Fib), and 0.0279 BTC.

Both the RSI and Stochastic are extremely oversold here, indicating that the bears control the market momentum.

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Cryptocurrency charts by TradingView.


About The Author

Yaz Sheikh

Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

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