After reversing against Bitcoin, Ethereum has now seen a remarkable explosion in price as the coin currently trades at a price around $262. The cryptocurrency has seen a magnificent 57% price hike over the past 7 trading days with a further, rather enormous, 122% price increase over the past 90 trading days.
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The table above demonstrates that Ethereum has managed to outpace Bitcoin over the past 90 trading days already. Ethereum is currently ranked in 2nd position in the market cap rankings, as it presently holds a $28.21 billion market cap valuation.
In this article, we will take a look at the resistance levels for Ethereum on the way up to the $500 target by the end of 2019. For Ethereum to reach $500 from today’s prices, it would need to increase by a total of 90%. Considering that Ethereum has managed to surge by 122% over the past 90 trading days alone, it is not outrageous to think it may rise by 90% over the next 6 months. The last time that Ethereum was at the $500 level was way back in July 2018.
Let us take a look at the ETH/USD market and highlight some areas of resistance on the way up toward the $500 level.
Ethereum Price Analysis
ETH/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Taking a look at the ETH/USD daily chart above, we can see that Ethereum smashed above the $200 resistance level over 3 days ago and has been climbing further ever since. ETH/USD was recently able to break above resistance provided by a bearish .382 Fibonacci Retracement level (drawn in red), priced at $247. This bearish FIbonacci Retracement level is measured from the July 2018 high to the December 2018 low.
We can see that ETH/USD is currently trading at resistance around the $262 level.
What Is the Current Trend?
The current short-term trend is bullish. For this bullish trend to be invalidated, we would need to see Ethereum drop and fall beneath the $150 level.
Ethereum also left the previously bearish market after rising above a price that is 2x from the bottom.
Where Is the Resistance On the Way To $500?
If the bullish pressure continues to cause ETH/USD to rise further higher, we can expect immediate resistance above the market to be located at $271. Above this, further higher resistance is expected at the long-term bearish .5 Fibonacci Retracement level (drawn in red), priced at $298.
If the buyers continue above $300, higher resistance can be expected at $318 and $350. The resistance at $350 is bolstered by the bearish .618 Fibonacci Retracement level (drawn in red), priced at $349.
Above $350, further resistance above then lies at $380 and $400. If the buyers break above $400, we can expect higher resistance at the long term bearish .786 and .886 Fibonacci Retracement levels (drawn in red), priced at $421 and $465, respectively.
If the bulls can clear these resistance levels, they will be free to make an attempt at the target level of $500
What If the Sellers Regain Control?
Alternatively, if the sellers regain control and push the market lower, we can expect immediate support beneath to be located at $247, $240, and $225. Further support below this is expected at $200, $194, $165, and $150.
For Ethereum to reach the $500 level by the end of 2019, it will need to increase by a total of 90%. This may seem like a steep climb, but considering that Ethereum has surged by 122% over the past 90 days, it quickly becomes a manageable task. The buyers will need to overcome resistance at $300, $350, $421, and $465 before being able to make an attempt at the $500 before the end of 2019.