Ethereum has seen a nice 3.77% price rebound over the past 24 hours which has allowed the price for the cryptocurrency to rise back above the $200 level once again! Ethereum had been struggling this past month after dropping by a total of 14% over the past 30 days. However, during the price plummet, Ethereum has managed to find support and has rebounded back above $200.
Ethereum remains ranked in the 2nd position with a total market cap value around $21.5 billion. With this latest rebound at long term support and the consequential climb back above $200 - this may actually be the last time you have an opportunity to buy ETH at $200!
ETH/USD - MEDIUM TERM - DAILY CHART
What Has Been Going On?
Taking a look at the daily chart above, we can see that Etheruem had suffered greatly during July when price action dropped from above $300 to fall toward the $200 level. We can see that in July, support was found at the .786 Fibonacci Retracement level priced at $199. This support level had prevented ETH dropping beneath $200 in July.
However, as August started to trade, we can see that the support at $200 was broken as Ethereum plummeted further lower. We can see that Ethereum had managed to find support at the .886 Fibonacci Retracement level priced at $178 where the rebound was seen. Furthermore, this level of support is further bolstered by a rising support trend line which has been in play since December 2018 - adding further to the expected support at this level.
Is This The Last Chance To Buy $200 ETH?
Ethereum has now rebounded and is back above $200. We may see the price fluctuate around $200 for the next few days but once we leave this price range I am pretty confident that we will not head back to sub $200 levels for a while.
Where Can We Go From Here?
If the bullish pressure allows Ethereum to remain above $200, the next level of resistance above is located at $204. The next level of congestion above $204 is located between $220 and $226. Here lies the 100 day EMA and 200 day EMA levels which will require significant momentum to be able to overcome. This is then followed with more resistance at the $233 level.
Above $233, further higher resistance lies at $250, $260, $280 and $300.
Alternatively, if the sellers group up and start to push the market lower, we can expect immediate support to be expected at the $200 level and then at the long term rising support trend line. If the sellers break beneath the trend line, the next level of support is then located at the .886 Fibonacci Retracement level priced at $178.58. Support beneath this can be expected at $168, $160 and $151.
Ethereum has rebounded at a major level of support beneath the $200 level. The support was provided by a long term rising support trend line and was further bolstered by the .886 Fibonacci Retracement level. The rebound has now allowed Etheruem to break back above the $200 level and if this bullish pressure can continue higher - this may indeed be the last time to pick up some Ethereum at the $200 price range. Once we leave this level, Ethereum may not return here for a long while.